Perhaps. But the premise of the article tumbles down when you say this:

“But did the Fed or indeed, any other central bank really have any other choice but to flood the markets with liquidity?

Unfortunately, no.”

Your crisis is a liquidity crisis which fed the stock market during a pandemic with low economic output.

If anything, diversion of ‘cash’ into crypto (including DeFi) rather than just the markets, has prevented an even larger bubble from forming in the same amount of time.