It’s been interesting to see the emotions on the sub change over the past month

Over the past month or so, there's been some interesting crypto-related news, from BlackRock applying to a BTC ETF to Reddit changing their ToS to allow digital assets to be sold.

While I do understand that these could both end up being huge, they could also lead to nowhere, so I don't understand why everything's been pumping so much recently. Is it just pure speculation, or am I just being too pessimistic?

For example, I don't think that the current prices (after the pumps) of most coins are currently very sustainable, especially with the economic uncertainty worldwide.

Does anyone else agree or am I dumb?