I don't think so - most people who invest in stocks don't pull out of them just because there is another asset class doing well. It'll attract some capital, but there won't be a flight to cryptocurrencies especially not while the stock market is doing well too. Keep in mind it takes a special type of mindset to invest in cryptocurrencies which are (at least in my opinion) clearly a bubble and have little intrinsic value so not much determines if they should be twice or half their current price.
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Hey Cryptovestor, you always mention, that cryptos are in a bubble and that it is going to pop. But isnt it always a bubble, if the price of an asset is higher than its value? And clearly the value of cryptos is not very high right now, but fundamental investors would bet, that the value is going to raise in the future and eventually meet the price, which represents its value.
If you look at Tesla for example, it is the same bet like in cryptos. Zero return on investment, selling like 50.000 cars a year, but its price is at the same as GM. That is also a bubble, because people are betting on, that Tesla is going to be another big premium carmanufacturer.
"A bubble is an economic cycle characterized by rapid escalation of asset prices followed by a contraction" (Invesopedia). So, we have not seen a (large) contraction, thus is not not a bubble (yet). We would not know if we are in a bubble or in the initial growth of the asset. The same applied to Tesla.
https://www.investopedia.com/terms/b/bubble.asp#ixzz52UmAbHG4