Absolutely irrational

Exactly

It makes perfect sense. The SEC has a strategy of terrorizing retail investors so they stay away from cryptoassets, including BTC.

The scare to shake them came yesterday and as planned they panicked.

Smart money knows the SEC is playing desperate, with no merit whatsoever (as far as designating many crypto projects as "securities" -- other things thrown in the mix may have merit), and welcomes the kind free money transfer from the small guys Daddy Gensler is "protecting". So naturally, today they ignore the Coinbase nothingburger and just buys the fuckjng deep (with the small guy's money).