I've had many people suggest to me that the price of bitcoin, and crypto more generally, is its own thing and not so tightly tied to the stock market.
Maybe that has been true at some times, but it isn't right now. Everybody wanted institutional investment, and now we have it.
The above chart shows bitcoin in the red and green candles with the QQQ in the blue line. This is a 5-minute chart that shows yesterday and today. The big flat part in the middle of the blue series is when the stock markets were closed for the night.
From this chart we can see that while the stock market is open, bitcoin has roughly the same trading pattern as the QQQ. Absolute numbers are different since bitcoin is more volatile, but the shape is the same.
But let's look closer:
This is from yesterday's close to right now.
You can see that bitcoin ranged around a bit, but if we look at the price from stock market to close to stock market open bitcoin is unchanged.
Basically, there is some external trading going on with bitcoin, but it's not all that significant compared to what the institutional traders are doing. And so bitcoin is basically serving as a proxy for risk on/risk off assets in general.
And what does this have to do with the blockchain? Absolutely nothing.