This. Everyone is speaking so authoritatively as though they knew crypto was not a hedge. This is the first real such test that crypto has seen. Yes, it appears to have failed, but no one could have predicted this with any certainty.
To me it seems much more likely the large exchanges just dumped in order to make a killing off the leveraged longs.
So in short people did actually believe in it as a shore of wealth and exchanges manipulated this belief in order to selfishly profit.
This isn’t something that was easy to predict, my comment is obviously a reflection of what happened today but I think it’s the most logical explanation.