That makes sense. When the stock market down, it means investors is losing their interest in stocks and possibly they will go the crypto market to take another investment opportunity.
Why BTC? cause probably it is the only proper crypto currency to invest in. Look, how important BTC to altcoin, obviously only Bitcoin has independent price among other crypto currencies.
Lol I can guarantee that that's definitely not the case for the majority. Let's first take note that not every single person that's in the stock markets aren't there to trade. An investor who's asset's went down in value would definitely not move to bitcoin. If anything, the right move(and I assume what a good number of them would do) is to buy the dips on certain stocks that they're bullish on in the long-term.