Finance has never really been my strength or my interest, but I'll take a whack at this.

I think the rapid returns to bitcoin are just part of its emergence as money. Basically, it is so badly mispriced that it is appreciating at a record pace. My personal guesstimate is that once Bitcoin reaches approximately $1M 2024 value, it will appreciate at an historically normal rate.

Once bitcoin stabilizes, there will be plenty of great value opportunities in the stock market. After all, those companies are the producers of real wealth and identifying well-run companies (or those with the potential to be well-run) is a very valuable skill.

I completely agree with your assessment of why investing formulas have to be short-lived. I remember reading something interesting, a long time ago, about how high-frequency trading algorithms had to adapt to deal with that problem. No doubt, in the age of AI/machine learning, this is an even more dramatic landscape.