Disclaimer: I made about 13x total ROI speculating on Bitcoin during its volatility between the $1200-8k range. I wouldn't touch it with a 10' pole now.

Demand has crashed because speculation is much more difficult now, and it's much easier to get into a position where your only choices are (a) sell at a huge loss; or, (b) hold and hope it goes up and you can get out even. A few years ago when it was much more volatile unless you were very unlucky with your timing you didn't have to wait more than a month or two to be able to sell with substantial gains, and wait for another drop to buy back in (or buy in pieces on the way down).

It crashed as currently the technology isn't quite there, however it will be eventually.