In order for bitcoin and cryptocurrencies to be considered a new asset class and investable by Main Street or Wall Street within a portfolio, it must prove to be uncorrelated as an asset class. Yet there hasn’t be enough historical data to truly prove this view or thesis.
It is still an ongoing debate but more recently, a few have expressed their views that bitcoin and stock markets are correlated, a reflection of risk appetite for speculative assets, given price movements in the past four months.
I view this as an indication of sentiment and thus, action (or lack there of) by traditional asset manager.
https://www.investopedia.com/news/why-bitcoin-new-stock-market-indicator/