There are two (at least) events playing out right now. The first is an asset bubble being pricked by cheap capital being removed from the market due to the fed

There are two (at least) events playing out right now. The first is an asset bubble being pricked by cheap capital being removed from the market due to the fed raising interest rates after a decade or so of monetary policy that forced people to seek out yield wherever they could. That event is playing out in both crypto and stocks, which is what people seem to be pointing at to say the assets are the same. The second is the collapse of a bunch of crypto schemes (yield farming, leveraged funds, black box firms etc.). These two things are fundamentally different. Focusing on the first one only since that's what crypto adherents seem to defend with the "it's just like tech stocks" claim (putting aside that crypto was supposed to be different than stocks, and deflationary), what I haven't seen them explain is how "excessive growth" would even be defined in a crypto asset. In stocks, I can point to a price-to-earnings ratio or a price-to-sales ratio to describe how a business is trading far beyond a value that even has hopes of being realized. In Bitcoin, or even worse some shitcoin used for nothing at all, what can I use to distinguish between "excessive" growth and appropriate growth? There is a critique that can be made of the stock market that it is essentially a speculative game largely divorced from the underlying business fundamentals, and that crypto assets are just a pure form of speculative capital chasing returns. I don't think that's really true though, because stocks do seem to show significant correlation to the underlying business performance. That's why Apple is flat YoY while Airbnb is down 60%.