Nasdaq correlation is something that arrived with the FTX era and sadly never left. MMs use the direction of the Nasdaq/other legacy markets to position their bids/sells on the Bitcoin orderbooks They walk the price up/down according to Nasdaq until the volume forces them to adjust based on demand, rather than Nasdaq moves. Put simply, we go down when Nasdaq does - more so if there's little buying, less so if there's lots of buying. Until volume and demand turn up, price is set my MMs who love the legacy markets and only care about gains in fiat terms(Alistair Milne)