[enjoy-your-stay]

Money flows out of equities and into bonds which yield a higher more dependable return when interest rates are high enough.

The equities market was already running at artificially inflated values for some sectors (like technology), which means there isn't much growth potential (if everything is deemed to be already overpriced), and so the outflows were quite significant from those sectors, accentuating the inverse relationship between equities and interest rates.

[mumblemumble]

I would argue that cryptos are typically not equities; they're usually either commodities (cryptocurrency) or some sort of non-current intangible asset (NFTs). The exception would be things like shares in the DAO, which, while interesting, is not typically what people have in mind when they say "crypto" these days.

[enjoy-your-stay]

I can't say for sure, but I think cryptos are actually behaving a bit more like precious metals, in that people use them as speculative store of value - so a bit like you say, commodities.

The other thing that surprises me is the sheer number of currencies that currently exist - I had thought there would be a massive shake-out in the market but so far they seem to be multiplying like fungus.

[erik_seaberg]

That’s a good model. Gold and diamonds actually have industrial applications, but those price signals are lost in the noise of fashion and speculation. If they were suddenly unpopular, prices would drop, but not to zero.

[mgfist]

Crypto is not an equity, but it trades like one (specifically like a tech meme stock) as of late. It peeked in Nov 2021 just like tech stocks, and has come down roughly a similar amount.