Crypto Assets are the risky assets among risky assets.

The higher the return of an asset, the greater the volatility and the more sensitive it is to liquidity. Once the economy deteriorates, the market's first reaction is to flee to safe assets, with cash and short-term bonds being the first to be grabbed; categories like Crypto Assets, which have a high-risk ceiling, will be the first to be hit.
So if we really encounter a prolonged economic crisis, even if Bitcoin halves again, we cannot rely solely on the "coin circle cycle" to fantasize about a big bull run. If the macro environment is weak, both sentiment and narrative will not hold up.
Ranked from low to high risk: cash → bonds → money market funds → gold and commodities → real estate → funds → stocks → private equity → Crypto Assets.
The further we go, the higher the risks and the more exaggerated the returns, and the drops become harsher. The reason why crypto assets are prioritized for sell-off is that they stand at the very top of this risk curve.