Great observation - I definitely agree with this at a high level.
The one wrinkle I'd add is that for folks hoping to invest on this thesis is I've been tracking the beta of cryptocurrencies against the S&P 500 (US-centric view so take this with a grain of salt), but the beta of BTC and ETH have grown closer to 1 meaning that they're increasingly correlated to the market. I think because of the size of the investments in crypto now, when equities fall, investors are also pulling some money out of blockchain to cover their margin calls, etc. This is preventing some of the new money flows, but we will likely see this reset a bit too when Robinhood fully opens up BTC and ETH investments. Great analysis!