True but that's just an assumption same as saying supposenly DeFi weren't taking some liquidity from the market to itself maybe by now bitcoin would had surpassed it all time high of 2017 or probably been very close to doing so. As of press there are over $11,926,837,764 in DeFi related project. That's huge so you can't denied the fact some of this marketcap could have ended up in bitcoin assuming DeFi weren't a thing.

I think everything worketh together for good, we need this trends to open the eyes of the new enthusiast coming into the market, sometimes we have to loss (learn) before we gain. Time we come they'll regret not getting into bitcoin sooner because that's were it'll all end when this hyped is over.