At first glance, Bitcoin’s [BTC] monthly performance makes that concern seem slightly overstated. Despite persistent macro FUD, risk assets finished March and April in the green, and May is tracking a similar path, with total crypto market cap still up roughly 3% month-to-date.

Against the current macro backdrop, this setup could suggest investors are increasingly using crypto as a hedge.

But is sentiment finally starting to crack?

Roughly $60 billion exited the crypto market on the 15th of May. On its own, the move doesn’t look dramatic.

However, when stacked against the nearly $1 trillion wiped out across the three major U.S. equity indexes, the selloff starts to look less like a coincidence and more like a synchronized…