Cryptocurrencies are seemingly moving more closely with the other financial markets at this point.
The correlation between bitcoin and the stock market is hitting multiyear highs. A measure of the correlation between bitcoin and the Nasdaq Composite suggests that the two markets have moved in sync since November 2021.
The influx of institutional investors is increasing the correlation with global stock markets.
This is not what crypto fans tout: Diversification from traditional assets. From a basic standpoint there really should not be a correlation between crypto and the markets, but it is seemingly there.