I think we saw a very clear euphoria phase before this market crash, there were very obvious signs of extreme greed such as (In the crypto market):

• Degen farming
• Useless coins being pumped to oblivivion (hello SHIB!)
• Insane amount of Ponzi based projects in both in P2E & DeFi

If we talk about the stock market:

• Growth companies with extreme valuations and poor balance sheets
• Insane market behavious with MEME stocks (GME and so on)

Don't you agree?