Quite true BUT consider the idea that people engage with this industry when there's a hype or news positive towarda this industry. This somehow breaks the idea. Perhaps right now, many people are just observing how the market will behave on the next days to come. They qon't continuously engage to this industry in a consistent manner. Domino effect is more obvious; market prices will be hyped then possible investors will be interested. Consistency still is lacking simply because volatility is its nature. Profit from riding the waves, is simply the idea which keeps investors coming for it. If we would based on its long time run, then that is indeed true; the market price is continuosly growing.
While there are definitely lots of speed bumps and hurdle along the way, it's technically still a positive feedback loop when you stretch it to a longer time frame. We can't really expect markets to act efficiently all the time; there will always be overhyped events, black swans, fear, etc. It even happens to traditional markets whereas both overly positive or negative events can be taken advantage of.