More like reduced investor confidence, but they are correlated. Essentially, everyone wants a safe place to put their money right now. That usually means bonds

More like reduced investor confidence, but they are correlated. Essentially, everyone wants a safe place to put their money right now. That usually means bonds (especially government bonds) and cold hard cash. Most people think of bitcoin as an investment, and a risky one at that. So they are taking their money out and putting it in safer places