There's no momentum, there's industry churn, and prices aren't cheap. Bulls are relying on external factors to save them because value buyers aren't going to step in until there are lower prices or a reason to believe in imminent material increase in kpis.

Value buyers can step in if there's book value and/or sustainable earnings at low multiples. There are very few assets below book value (although there are a handful), and most earnings are subsidized and/or reliant on btc/eth/sol. There isn't froth, but it's not an easy bid.