I don’t think so - I think it’s more about rate outlook and multiple compression
(the sectors with the bigger multiples, e.g. tech, are first to compress as rates rise).
Another element is that more than 80% of the stock market is institutional whereas crypto appears to be quite low. It’s hard to tell exactly because of the controversial nature of crypto as an asset (institutional players might not be fully admitting their stakes except to those who need to know). But if you presume institutional players in the US stock market comprise a small number, well below 10% of the crypto market, it doesn’t make sense that Nasdaq trends would be reflective of counter trends in crypto - it’s not the same money.