Beanie Babies, Baseball Cards, Comic Books all had period of rampant speculation whos markets were destroyed once people who "invested" tried to turn their assets back into cash. Hobbyists just suffer through these periods.

Anecdote time, I was at an Xmas party and people were talking about what crypto they were investing in. I said I speculated a bit, then got spooked and got my money out of Crypto.com. (which wasn't easy). This got everyone interested, they had no idea how to turn their Crypto back to dollars. The market is going up, because there's a one way flow of money.