Perhaps not directly, but as you eluded to we saw a bit of it last year and (was it the year before). When FTX collapsed it wasn't just crypto that had massive sell offs to cover, but stocks and commodities, same with the collapse of Terra. Wherever there's been an issue, the financial market as a whole takes a hit whilst people cover their losses where they can. As mentioned with FTX the exposure some HFs had caused them to sell other assets to balance their sheets. Everything is interwoven I guess, and I wonder how much institutional exposure there is to the wider crypto market.