I was just looking at this same thing today, I feel very uncomfortable with the amount of apparent correlation between crypto and wider stock markets.

At an institutional level, when market volatility rises, portfolio managers swap to 'risk-off' techniques to control the exposure of their portfolios to downside risk, this involves selling risky assets. With the increasing prevalence of investment bank and hedge fund money entering the space, I believe we will see crypto turn into a cyclical asset. What I am implying is that the price we pay for massive bull runs will be the huge sell-offs that happen when the wider stock markets become afraid.

I am not implying that this will be the case simply because I want my economic work to become more relevant, I would rather crypto become a hedge to the markets, but unfortunately this doesn't appear to be the case so far.

The good news is that economic conditions still look powerful and I think we still have a lot more money left to make in the short/medium term.