You know what? He is not wrong.
The last 3 cycle tops that we had. They had one thing in common. I had friends and family buy crypto who never knew what it was. Then usually a month later, it topped. Each of the 3 cycles I noticed this. Maybe it was a coincidence.
But you need to understand that it’s not only the crypto markets that are stretched. So is the stock market. Look at Nvidia today at earnings. It beat estimates but stock dumped anyways after 5% because it hits of a bubble.
Historically, retail interest tends to spike around cycle tops as merchants tend to buy at the top of the hype, which can be an indicator that the market is showing signs of being very overvalued. Crypto isn't the only game in town either; as you mention, stocks like Nvidia exhibit similar behaviours when expectations are already baked into the stock price, and being able to identify these signals can help reduce risk and prevent buying at the absolute top. It's a good reminder that markets don't move in a vacuum and sentiment will push you around short-term extremes.