The direction (momentum) is what matters most in this context. When BTC first crossed $50K in February 2021, GLXY traded between today's levels and ~$20. Then as BTC hit above $50K and hovered around those levels, GLXY saw continued inflows and demand from investors.
Since 2021, GLXY has diluted its share count by around 20%, and its financials deteriorated during the bear market over the past few years, but have since been climbing back. There is a lag between the price of crypto stocks (miners, exchanges) and BTC itself due to the price of BTC being real-time, and the financial data from crypto stocks being available only on a quarterly basis. Crypto stocks and BTC move closely, but not completely in tandem. We expect crypto stocks can see faster appreciation once BTC nears its all-time highs.