Why the Downside risk for BTC is limited

In this chart we see BTCUSD overlaid on NQ - we'll notice that when BTC tanked on Ukraine/Russia FUD, BTC dropped to a low of 34K while the NASDAQ dropped to 14K. During this round of Ukraine FUD, the NASDAQ has touched 14K again, but BTC is at 40K.

My takeaway: the beta correlation between NASDAQ and BTC is waning.