In the past

When US stocks rose, the crypto market also rose.

When US stocks in AI rose, the crypto market's imitation AI also followed with chaotic increases.

Now

When US stocks rise, the imitations plummet;

When US stocks and crypto stocks rise, the related crypto market seems dead.

The essence is that institutional funds in the crypto market have exited, and the imitations have entered a 'structural bear market'; no amount of treatment can help.