Yes, I was wondering about the same thing. However, I haven't been active in relevant communities since a few months after the covid crash. So, I don't know "what's up" with the market.

But I think ETFs are still valid. Due to the once-in-a-lifetime events of the past years, I think it's just many companies having difficulties and a similar amount of other companies doing great. Hence the sideways trend. Or its just the rich controlling the trading being more conservative and buying out everytime they can.