Only thing I have to add to this is that over the last six months, equity and crypto returns have become incredibly correlated—it’s really strange considering crypto evangelists like to say that Bitcoin is uncorrelated with everything else. Since the Fed has broken any semblance of free markets, it seems like both equities and crypto (and prob many other asset classes) have totally shaken out of price discovery and value mode into purely risk on/off and trend seeking mode. This is exactly where algos can pick up signal best and all markets are trading in lock step with each other.

That said, it seems like we're waiting for rationality, price discovery, and value to kick back in. Would expect this correlation to break at some point soon.