Bitcoin trades as a risk asset
Since large funds started holding bitcoin, it has often moved with technology stocks. On days when investors cut risk, both tend to fall together.
Rates set the cost of holding it
Bitcoin pays no interest. When the Fed is raising rates and Treasuries pay 5%, holding bitcoin has a clear cost. Expectations of more hikes usually weigh on it.
Flows and leverage amplify
Fund flows, futures leverage and stablecoin supply decide how far a move runs. When many traders use leverage, a small drop can force sales that make the drop larger.
Crypto-specific shocks still exist
Exchange failures, regulation and hacks can move crypto on their own. A good Cause File checks for these first. If none are present, the macro chain is usually the answer.