I'd say the difference with the stock market is that that the bottom of it is composed of companies that produce and sell actual, tangible products: cars, planes, oil, computer software, construction materials, etc. All financial instruments (legitimate or not) are built on top of this. You buy into some index fund under the assumption that, on some level, you're putting money into the production of goods and services.

Meanwhile, the "crypto market" deals only in hype all the way down. There are no goods and services produced (unless you count "hype"), only dollars going in one end and coming out the other. If I put my dollars in some "crypto investment", it's only so that some early adopter with 50000 btc can get some dollars out. The rest is misdirection.