My personal understanding is that multiple rounds of financing and issuance were conducted based on the premium from $ETH's rise, until the bear market eliminated the premium or even created a negative premium. The remaining funds continued to buy coins until this premium disappeared and no new financing caused a collapse. However, in the foreseeable future, the rise of Bitcoin and Ethereum does seem to significantly outpace the stock market's growth in the long term, so the top of this cycle can't collapse.