The theory was it was "uncorrelated" with traditional assets because the inputs to their price movement (economic performance, monetary and fiscal policy) were

The theory was it was "uncorrelated" with traditional assets because the inputs to their price movement (economic performance, monetary and fiscal policy) were in theory isolated from the purely digital asset of BTC. With hindsight it's pretty easy to see that's false, since the common tie is the same investors investing in both asset classes, with dollars they get from economic performance and monetary and fiscal policy.