I think what you’re missing is that a flight into certain risk assets has become equivalent to a flight to safety. When the Fed loosens, investors rush into assets like equities (and Bitcoin) because they know dollars will become worth less. That’s where the correlation with the NASDAQ stems from. Over time of course, as further quantitative easing inevitably plays out Bitcoin significantly outperforms other assets, though.
Discussion
I get what you're saying and I don't totally disagree. But that's just the market being a market: capital is chasing yield, while trying to price risk discounting with the information available.
