Explanation for price increase

I would love to hear an “explain like I’m five” style explanation why people think that recent banking collapses have driven up crypto prices. From my very basic understanding, failed banks make people worried about the safety of their money in banks. At the same time the share market remains unpredictable. Surely people are not thinking of crypto being a stable safe haven? I would have thought if anything, this loss of trust in the banking system would make people even less likely to take a financial risk. Am I missing something? Are the two events unrelated?