There is nothing abnormal about high volatility. It happens in bull markets and bear markets alike. Yes, it's true that 2008 saw high volatility. But so did a lot of bull market years like 2016. High volatility is not consistently bearish for stocks https://bullmarkets.co/study-high-volatility-is-not-consistently-bearish-for-stocks/
Does anyone here remember how wild the ER2 was? That was the old Russell 2K e-mini before the transfer to ICE (their TF contract). That killed its high volatility. Now that it has returned to the CME as the RTY, it is a sea of calm compared to the NQ and YM e-minis. The NQ/YM are out of control. It won't end well. It's over-ownership. Too much big money stuck in too few stocks.