my opinion: peoples' sentiment, and overall bear market.
Some people predicted such long bear markets (Tone Vays, Richard Heart).
If you look at yesterday's video Ivan on tech and Richard Heart, mr.Heart summarises clearly that this all bubble burst was inevitable, as so many scam projects are around the space, and so many people who just got investors' money and not doing anything with the projects, or even worse some people used the hype momentum and attracted capital in form of ICOs and just"living comfortable life now", without developing anything useful, just little tweaks in their projects.
I totally believe your point of view , @ansisltd . But do you believe that bitcoin is a bubble?
"To make a nice soup: you need it to bubble for a while"
So the whole definition of bubble is being misinterpreted, for example Property was in a bubble = still there, still buying / selling. Internet companies were in bubble = internet giants are stronger than ever, after some weak projects collapsed stronger became more stronger. Next: banks were in bubble with their credit lending and credit swaps = look at them today, their balance sheets are stronger than ever. Their capital is larger than ever.
So is Bitcoin in a bubble? I think it is a cycle when some noise has to be removed, and then the real quality projects will thrive.
What beautiful text @ansisltd, that's it. I agree with you, my friend.