You are ignoring a very important fact: Interest rates have been NEAR ZERO for the entire time of Bitcoins existence. Near Zero interest rates, with a high balance sheet by the Federal Reserve ( there was never any significant reduction, it was tiny ) is HIGHLY STIMULATIVE monetary policy, the same policy that produced the 2006 Housing bubble.
Near Zero interest rates, AND Massive Quantitative easing by the fed over the last 14 years is unprecedented in history, and produced many bubbles in assets that should be near zero. BITCOIN, NFT's, Zombie Companies that will never make a profit etc. etc.
I suppose the real question is whether it's only the institutional investors who consider such things, or whether it's private individuals who are keeping close tabs on it too. For me, personally, I sure as hell wasn't looking at what the Fed was or wasn't doing when I first bought in. And I wasn't looking at what my own nation's government were doing either. All it took was a general sense of unease about their overall lack of competence regarding the economy and off I went looking for an alternative.
It doesn't really matter if they're printing or not printing, interest is high or low. All it takes is for the average person to think the central bank/government are a bunch o' fuckin' idiots and bam! - we find ourselves another potential new Bitcoin enthusiast.