The key is 2 sentences:
- researchers devised a “rule” by observing stock market, likely empirical
- someone was stupid enough to apply it to crypto (a different market)
First thing a good university will tell a student is the boundaries of applicability of a law or formula.
Newtonian laws work fine except when speeds get close to that of light, for instance (simplified).
It’s even more obvious for empirical “laws”.