Why is that the crypto space is always either in complete bullrun mania with insane hype or in a brutal bear market where everything is seemingly dead? Always at one extreme or the other. There is no middle ground.

It's always either a bullrun with: massive amounts of hype where everything does a x20+, exchanges are hiring staff in the thousands, new investors are piling in, exchange support staff can't keep up with the backlog of support claims, ETH transaction fees and tx fees in general are ridiculously high, new projects are being created by their thousands, developers are flocking in, "crypto is the future," metaverse, nfts, defi amongst other crypto ideas booming, to the moon, lambo, WAGMI, hodl!

Or

A bear market with: absolute death where the space does a -80% across the board, exchanges are laying off staff in the thousands, no one's talking about crypto anymore, growth remains flat (this covers quite a few of the things mentioned above), ETH tx fees are down a hell lot, "crypto is a scam!", moonboys are non-existent, haven't seen the terms "WAGMI" and "hodl" in over a year.