Crypto is highly correlated with equities and is sensitive to interest rates in the exact opposite way than you'd expect for something that is supposed to be in

Crypto is highly correlated with equities and is sensitive to interest rates in the exact opposite way than you'd expect for something that is supposed to be inflation-proof. As a simple example: BTC stopped dropping and actually rose $1000 on Thursday when the CPI numbers came out indicating that inflation grew less than expected last month. This shouldn't happen if crypto was actually an inflation hedge. Instead, almost all of crypto's value is speculation-based and so when the supply of money is more expensive (i.e. higher interest rates), the value of crypto assets in USD tends to decline and vice versa when interest rates are predicted to be lower (or not rise as much as expected).