To hazard a guess, i'd imagine the growth in the legitimacy of the stablecoin market now provides fiat off ramps that never previously existed for OGs.
Just two years ago, here in the UK I was getting my bank accounts frozen regularly because I was simply depositing money to Coinbase.
If I ever sell, USDT seems like a godsend.
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With that I agreed 100%. More comfy exit option make profit realization easier - thus flattens higher end of bull run.
Still not sure if that is main driver to be honest. I would risk to post a theory it may be indeed market players are way more mature with laods of institutions in place - thus less random trade moves, more stable price. Still this does not explain why old addresses - long term holders start to sell now... could be price push down before bigger jump. Don't know.