Certainly this idea fits the current narrative, wallstreetbets crowd want to stick it to big money / hedgefunds etc. as they feel cheated after GME/AMC episodes that prevented them trading those instruments. They believe crypto is less regulated/manipulated and want to put money there to hit back, But as you said when an instrument is riding high big money see's an opportunity to take a chunk of that for themselves.
You're way off the mark here. Look at the huge accumulation by large funds in recent months. it's following the exact same pattern as BTC and stock on spot exchanges is at all time lows. Market makers will reduce this even further with the CME futures launch. You might be able to short this a little bit right now until the FUD is over but Eth is a buy and hold right now.