On the way to becoming a global store of value and perhaps a currency for large transactions, bitcoin is now in a stage of "alternative investment" from the perspective of the large funds, banks and institutional investors. The level of market penetration of bitcoin in institutions is still moderate, yet you can already see that there is a strong correlation that did not use to happen before.
(
tradingview)
In my view this could be due to the traders taking leveraged positions simultaneously in shares and bitcoin. When the leveraged positions are broken in the stocks trading, they need to look for money from their bitcoins positions causing these correlated drops.
