Bitcoin has traded similarly to overleveraged tech stocks

Blue is the ETF $TQQQ, 3x leveraged QQQ

Orange is the price of Bitcoin.

The measure is the cumulative change in prices from January 1, 2018, to yesterday (6 1/4 years).

Effectively, they are the same thing.

If BTC is "something different" (digital gold, hard money, a new financial system, the world computer, etc.), why has it traded like overleveraged tech stocks for well over half a decade now?