This is a drum I've been beating for a long time. Crypto markets are high beta proxies to the stonks.
It's particularly relevant today because I thought about how it is important to realize the flip side of that.
As tradfi accuses crypto of being a pump and dump vehicle for scams (which has some truth to it, see my get rich quick posts recently), the exact same is true for their precious stock markets.
S&P 500:
NASDAQ 100:
BTC:
Even HIVE:
It's all the same nonsense driven by bot trading with fake derivatives.
Someday, people will start using crypto natively instead of as a speculative asset.