Maybe you could share some actual statistics on this, in the form of anonymized data or graphs, because it would be interesting to see the underlying data behind what you've said. I just think that crypto has been growing all that time, so new people are still flowing in which made distort the conclusions that you have made - the recent spike in the bitcoin price attracted new people. Those people might drop money on to crypto as a punt, hoping it goes up in price, as the market turns they get scared and decide that rather than cashing out via an exchange, they'll just gamble it instead which might increase the amount which they've lost in a dip. There are all sorts of motivations in play, but it's similar to how "sin stocks" go up in activity during a recession as people trade big luxuries for small ones.