Up until about 6 months ago, they were highly correlated. Bitcoin was like the S&P500 on drugs.

Now, they are quite happy to go in opposite directions.

I think that means that a significant part of the investing public might had a foot in both camps before.

The bear market has concentrated ownership into the hands of a few strong people that did not lose faith through the winter. They carried on DCAing, double down their savings to take advantage of the Bitcoin 'on sale'.