And likewise, BTC fees are also at a local maximum[1]. Unfortunately, nothing has been done to actually scale the BTC blockchain since the last bull run. Onchain transactional capacity is the same as it was 2 years ago (limited to ~400k tx/day globally). Major n^2 transaction validation bottlenecks still remain within the Bitcoin Core software. With no plans to address these bottlenecks and increase onchain capacity, the fundamentals of BTC scaling haven't changed at all since the last time the market went boom and then bust.
[1] https://bitinfocharts.com/comparison/bitcoin-transactionfees...