Doesn't look that way. The SP500 is down 100 points in the last two days. (That's massive, roughly equivalent to 1000 points on the Dow.) BTC prices? Almost no change, either up or down.
I wonder about this. IF the stock market tanks....won't folk have 'less' discretionary money to toss at BTC and cryptos? Would it not just be wash?
If BTC buyers are doing so with excess returns from the market, then you'd expect a decline in equity markets to also trigger a decline in BTC. But we are not seeing any evidence of that (yet).
In fact, the reverse is actually more of what you are seeing. The big decline in BTC from December last year to local bottom on Feb 6 preceded the decline in the SP500, not the other way around.