It isn't a straightforward process. The best analogy I can think of is called "sector rotation." It's this idea that stock investors take profits in one sector and move onto the next depending on the market's position in the business cycle:



In a broader sense, I believe this behavior is not restricted to stocks. There are cycles of money flow among bonds, equities, real estate, commodities, etc. During "risk-on" cycles, some excess capital will flow into the crypto markets.