If this does not eventually implode cryptocurrency valuations, I don't know what will.
Nothing is really priced in the Bitcoin’s valuation except risk on / risk off. It’s a pure play on appetite for risk assets and that’s about it.
People say it’s an inflation hedge but it drops on big inflation prints. It has super tight correlation with hyper growth tech stocks. It makes big moves sometimes when Elon tweets, but otherwise it’s mostly just following appetite for risk.
If you are not buying or selling Bitcoin, or talking to people who are, at best! this is conjecture.
They're not interested, and possibly even complicit, if you look at who began/still operates the thing.
Also, the stats show that the market has seemingly begun its slow shift away from Tether to less openly gross stablecoins.
If we can get exchanges to stop giving it away like the Monopoly money that it is, that'll be the final nail.