Bitcoin fiat price action makes sense if you look at it from this lens: it’s treated as a speculative vehicle and gets sold off the hardest any time there’s market downturn. Stocks are no better but they are shielded on the downside through forced participation and locked liquidity via retirement accounts. If they didn’t have this protection you’d see exact same movement as bitcoin. Bitcoin also has the additional downside of fud <insert flavor of the month fud>. Maybe it’s all wrong … but that’s how I see it.