One possibility for a small bear market is that, perhaps, lots of fed workers were into crypto since they knew about the systemic "rot', presumably, and now, fearing for their jobs, are selling off?
BTw, the last I heard, real estate in DC area declined 20%, which is not surprising.

If less gov largesse would result in smaller bitcoin, it would suck, but this is what Musk was predicting few weeks ago.
Long term, the cycle (or following cycles) will restart after the stock market decline followed by another inevitable QE, imho.