We should just blame "the willies".

Investment is all about belief. When the root cause is the willies, then we hallucinate reasons together.

Crypto and memes have demonstrated us a lot about the drives of individual investors.

Unfortunately it seems that professional investors are not that much more rational (from my limited personal experience with a small hedge fund, and from my years of looking at markets).

My favourite term has always been "taking profits" which is generated by the technical analysis (I loath that term) of looking at the prices: taking an effect and publishing a cause (trying to sound smart).

We are deeply irrational beings; often the more you go up a professional ladder the more rationalisation you see.

During unstable periods, we see lots of weird side-effects and there is a lot that doesn't seem to make sense.

Edit: a better meme could be "The use of AI by funds is destabilising markets"

Disclaimer: I am not a professional investor. I am a cynic.

Speculation involves belief, sure. However, there is hard math involved in markets as well, and the yen carry trade equation exists whether you believe in it or not.