Three things happening at once.
1. Weak AI guidance from Broadcom made people sell.
2. A huge wave of capital raises from Google, SpaceX, OpenAI, Anthropic, and Meta all hit the market at once. Literally hundreds of billions of dollars asking the public to fund it.
3. Geopolitical stuff around Iran had people de-risking.
IMO, the bull market is still intact.
Also, crypto is downstream to AI. The more powerful AI gets, the more you need the blockchain to validate transactions and protect against exploits. The use case is still here.
People still have FOMO but it moved to AI right now. It'll be back to crypto.