Institutions, in general, treat BTC and ETH as any other risk-on asset, and as their presence grows in the crypto space, the high correlation to tech stocks could persist.
Nonetheless, I have never experienced a day as grim as stockholders of Netflix were subjected to recently.
This brings Netflix to a loss of almost 70% from the ATH it experienced in November, 2021 when it touched $700.
In a nutshell, the ethos of Bitcoin, which is the precursor to all cryptocurrencies, is rooted in cypherpunk philosophy since they were the early adopters of BTC.
Cypherpunks also deeply distrust the current powers that be including big tech, government, financial institutions… At the extreme, it promotes crypto anarchy which most Bitcoin holders do not subscribe to in today’s world.
They believe blockchain technology can provide profound improvements in many areas of our societies and our daily lives, if it is allowed to, without having to sacrifice privacy.
When it comes to most stocks, the big institutional investors run their analysis and make their calls.
On the other hand, the HODLing ideology of retail investors and the battle cry of the BTC and ETH maximalists, enthusiasts, and HOLDers, puts a hard floor on BTC and ETH when their prices crash.
We also now have exceptions on the institutional side with the likes of Microstrategy and Tesla that have proven to embrace the HODLing ethos of BTC on their balance sheets.
According to Glassnode, Long Term Holders of Bitcoin are those that have held BTC for a period longer than 5 months.
Since then, the price of BTC has seen extreme downturns as steep as 90% from ATHs.