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.

Because some of them are using history as a guide Me, I hope cycles are not dead, but if that is the case the price needs to go much higher from here. If cycles are indeed dead, there will be a lot of OGs who will not be able to buy the lower price