Why did BOND ETF plummet in 2021... and could the opposite happen in the future?

I have some of my savings in the ETFs BOND and BNDX. Both plummeted in value in 2021/2022 shortly after I bought them. I recently broke even and would have been way better off keeping that money in a HYSA.

My question is: When interest rates are cut, will there be a reversal of what happened in 2021 and 2022? (I'm guessing not since everyone would have already expected it.)

So should I just assume that there will be no spike in the future and instead tranfer BOND and especially BNDX to where they will be receiving higher yields?