I would think the other way around: Public markets are correcting to a higher interest rate (i.e. liquidity being removed from the system) but for startups and

I would think the other way around: Public markets are correcting to a higher interest rate (i.e. liquidity being removed from the system) but for startups and scale-ups this correction did not start yet with all force (e.g. valuation slashing, 50% layoffs, acquisition and liquidation by PE firms, etc).