The crypto market's independence and safe-haven attributes have demonstrably eroded since 2022, verifiable through:

Rolling Correlations: BTC-S&P 500 correlation surged from 0.2 (2020) to 0.78 (2022), now mirroring tech stocks.

Volatility Regimes: During 2023 banking crises, BTC fell 14% alongside regional banks (vs gold's +8%), disproving crisis decoupling.

Liquidity Sensitivity: Crypto now reacts faster to Fed liquidity changes (3.2x BTC price sensitivity to M2 shifts vs 2019).

Risk-Off Events: In 2023 trade wars, crypto outflows preceded equity selloffs by just 6 hours (vs 72h in 2018), showing synchronized risk pricing.