I do not see any kind of bubble yet.
Will come bubble?
This graph shows lot. Bitcoin will be rare. Only 2418865,536 BTC is now on the market.
DeFi change my point of view. If you have some BTC there after year you will have more BTC. And more and more people stuck there BTC in DeFi.
From BTC in DeFi you earn more BTC. Earnings in DeFi is something like permanent buyer on the market.
From my point of view buying impulse is strong.