> At a logical level, Bitcoin should be decorrelated from stocks

I don't see how you get to that logic. BTC is a speculative growth asset held by the same people who speculate on securities, and for the same reason. In fact by virtue of being "pure" speculation, it should be expected to be even "stockier" than stocks! You don't buy bitcoin to influence corporate governance or derive dividend income. The only reason anyone purchases crypto is to sell it later at a higher price.

So if you need to dump an asset to backstop other debts, it's going to be your crypto wallet you reach for first. It'll crash harder, almost by definition.