[spiffistan]

This is the reason. Institutional investors (which hold the lions share) are more wary of stocks with astronomical P/E ratios when the macroeconomical forecasts are what they are today. Expect the bloodbath to continue until there is a semblance of calm waters on the horizon. I'm thinking around March.

[sshine]

Surely this accounts for some of the crypto winter, too. Not as many big institutional investors in crypto, but big investors have the same incentives, no?