commodities trading (in most markets) never involved permabull expectations like stocks. instead they are cyclical or “seasonal”, and bitcoin has performed the exact same way in many other cycles over the last decade, before “meme stocks” were a thing.

bitcoin spot declined from all time highs.

but to point out your stocks, $AMC and $GME and many other pandemic era stocks have declined way more than 50% from all time highs.

there were questions of whether bitcoin would be of interest or attract capital outside of a zero interest rate environment, and its surpassed all expectations on that front.