Have you observed the direction of that motion over the last 10 days or so? It might not feel that way if you had paid $500+/share and are now wondering what happened to 20% of it.

The machine depends on continuously attracting new investment - which is easy when Bitcoin is ripping; not so much when it's not. As a comparison, new investments aren't required to increase Apple's share price because selling iPhones in itself generates the necessary capital to sell more iPhones.