It also seems strange that people would be worrying about a highly leveraged speculative frenzy while simultaneously acknowledging that the underlying asset is

It also seems strange that people would be worrying about a highly leveraged speculative frenzy while simultaneously acknowledging that the underlying asset is highly volatile. The irony is that almost monotonically increasing prices of other assets lull investors into a false sense of security that encourages ever larger leveraged positions, resulting in increased risk exposure. But volatilility, especially for digital assets (sic), usually flushes out and resets build-ups of highly leveraged positions in both directions.