The market aside from crypto is not rational.
The market we have today would be completely unimaginable to "traditional" market participants 12 years ago, 24 years ago and so on.
The myth of a rational market is a powerful one.
https://en.wikipedia.org/wiki/Irrational_exuberance
https://en.wikipedia.org/wiki/Greenspan_put
https://www.ft.com/content/9f7f32af-a71a-4892-b331-324aa14ff...