In bear markets, many people think like you do (ie great depression, 2008 housing crash, etc). Those that are good with their investments see it as an opportunity.
It indicates the feelings of the people right now and I agree with it since the fear of losing some money is not been eliminated from the minds of the people so it will be so hard to anyone to hold at this point so no wonder that we cannot get a satisfactory growth with the crypto at this year but maybe there are sudden changes on next year onwards and that is the thing we need to consider.