Unless you've been living under a rock, the Nasdaq sell-off is causing a lot of margin calls. Everyone with some crypto needs to sell to cover before liquidation of their equities. Ironically, this also fuels margin calls on crypto as well.
But people are not selling gold to meet margin calls..... So BTC is never golden as true store of money.
I concede that it is theoretically possible that asset rotation is occurring as proposed, but I think it's absurd to postulate that the US equity markets would drive a liquidation in major cryptos. However, what I think is merely that. The contraction of credit could indeed spark the sort of value evaporation that's happening...but cryptos always seemed to be decoupled from those shenanigans - if not entirely, then largely. Who knows. Perhaps they are coupled by Blackrock and friends. If so, at least we know at some point their positions will be cleared out.
Hmmm the correlation between ES/NQ and BTC has been pretty strong lately. Whether it's directly related or not can be debated, but the fact that they have been trading pretty closely together isn't really objectively debatable if both people are looking at Daily charts side by side when viewing them.