I think we saw a very clear euphoria phase before this market crash, there were very obvious signs of extreme greed such as (In the crypto market):
- Degen farming
- Useless coins being pumped to oblivivion (hello SHIB!)
- Insane amount of Ponzi based projects in both in P2E & DeFi
If we talk about the stock market:
- Growth companies with extreme valuations and poor balance sheets
- Insane market behavious with MEME stocks (GME and so on)
Don't you agree?
Though I don't expect of course mainstream adoption to happen all at once, I think prior to the crash, there was a lot of uncertainty already and bashing of the crypto space.