It is not only in South Korea where this "crypto fatigue" can be observed. I think it is found all over the world. For instance, I agree with the article that what used to be crypto chats have transformed into something else due to the poor market performance of most coins. I've joined a lot of crypto-focused group chats before and most of them now are either dead, or have become a target of spams, or have transformed into a free-for-all GC where the mere mention of crypto has become a toxicity.

It is also true that one of the reasons could be the "loss of hope that another “altcoin season” could be in the making." I've observed in the past that much of the crypto noise that brought forth an upbeat crypto community was coming from die-hard supporters of altcoins. While they may be annoying at times, it made the community alive.