Does anyone think this *isn’t* the worst cycle in cryptocurrency history?

Curious to know people’s thoughts here.

I have been in the space since 2020, so I appreciate my understanding is limited to the last 5 years or so. Seems like the common consensus is that this has been the most underwhelming cycle so far. Is this fair comment?

Institutional adoption is clearly happening, but with little upside for anything outside of Bitcoin. Even Ethereum has had a bit of a shit time. Retail interest has not appeared this time and were plummeting already.

What are the arguments for and against this being the worst cycle ever? How are we feeling?