There has been a clear weakening of the correlation between the S&P 500 equity index and $BTC as crypto markets suffer after the FTX and Alameda collapse, Citi said in a research report last week. The S&P 500 gained almost 6% last week, whereas $BTC fell around 20%.
Traditional financial markets have been largely unaffected by the collapse, in an indication that "contagion effects are relatively siloed within crypto," the report said. Given the magnitude of the fallout it's not yet certain if contagion into other asset classes has been avoided, but the digital asset sector remains relatively small compared to traditional markets.