Can someone explain why BTC is performing so terribly amidst QE?

I've been invested since 2020 but I am honestly struggling with this current cycle. Yes I understand it's adoption potential but I also hold it as a hedge against inflation.

Why is BTC performing so terribly as a hedge while gold and other precious metals are booming? I'm surprised it hasn't picked up as the money printers are back on again and the dollar is losing value rapidly.