There is a lot of new money coming into crypto. But not all of this is going to bitcoins.
Many people are investing in some Altcoin or other. With the returns seen right now every day that makes sense.
But to do so, many buy bitcoins first, and then exchange that for whatever pump they fear of missing out.
If these people exchange all of their new bitcoins for Altcoin Casino chips, this new money is neutral to Bitcoin.
If they keep a part of it in bitcoins, that's new money in Bitcoin that came in for the killer application of betting in the Altcoin Casino. As such, having lots of interesting returns on projects of dubious value may be good news for Bitcoin as well.