Even after crypto market cap last year's went over trillion crypto is still funded with play money, so when priorities change in a person's finances, they pull the play money and double down on stable equities until the markets settle. Sort of like how when economies start to struggle you see investment in growth companies shrink as people switch to stable commodities. I would think that over time as more utility exists for cryptocurrencies the effects of this will lessen but last years prove that crypto will always be volatile.
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From @zack960