When the market is shaky, almost all stocks get affected in some way.
Nothing is immune during a broad massive sell-off because people/traders/organizations will sell winners to subsidize losses elsewhere, to cover margin elsewhere, to buy depressed stocks elsewhere.
I know a lot of retail MARA investors also own other IP stocks. And since most other IP stocks have been hammered ruthlessly by the market, it stands to reason that participants have sold shares of their winners (i.e., MARA) to react to losses elsewhere.
So you are exactly right.