I stay out well out of Crypto, but loads of stuff is well down, especially tech stocks, and bitcoin will mirror these to an extent. When people take money out of tech they put it in safe havens, which is the opposite end of the scale to Crypto. The S&P 500 is down about 9%, and the NASDAQ 15%, in three weeks despite some decent gains in some of its stocks/ sectors.
Hopefully it's just a time to hold on for long term investors (in stocks), but loads will panic and crystallise losses.
To me, the world is nowhere near ready enough for Crypto to become mainstream, especially with the market leader largely being "mined" in China, an area which is really under the cosh. Also the massive waste of energy that "mining" is, which could end up being a big problem as the areas which "mine" it, are not exactly known for being green. Just seems daft to me to waste energy on complex calculations, which ultimately do not create anything of real physical use.
Crypto clearly has massive highs, but for everyone who wins, there are other people losing, just don't forget that. Tends to be a small amount of experts doing all the winning, and a lot of amateurs losing/ funding those wins. Not saying people should/ shouldn't buy into crypto, but it could go to zero, when the likes of Amazon, Microsoft, Apple, Google etc won't, but with anything, the largest gains come with more risk.
Some big investors will be into Crypto, but it will often be a small percentage of their portfolio, so people shouldn't go pumping massive percentages of their investing into sole markets, especially if it's reliant on energy which is in big demand, and suffers due to inflation. When inflation is high there's less money to keep the markets propped up. The same could be said for most stocks though, as they all rely on energy and take a hit with inflation, to a degree.
Just don't do a Sirius. If you've got spare cash, diversify it, don't put all your eggs in one basket. Invest small amounts consistently, over years, that way you won't pump all your cash in at the highs, and miss out from growth from the lows. Don't bother trying to buy in at the lows, as there are people better at that than any of us, and most panic in crashes.