[caffeine]

> The fact that crypto is correlated with tech stock valuations should be raising eyebrows

Because fiat volatility in inflation/rate hikes respectively (ie the NPV of a USD) completely dominates the other factors.

The volatile leg here is the fiat dollar, and everything denominated in it is whipsawing around as its value changes.

[mdoms]

Unlike volatility in crypto markets?

[simonh]

Yes, unlike crypto markets which don't move anything else no matter how volatile they are, because they are economically irrelevant.