I think some large investors succumbed to the panic of the fall of Bitcoin. And wallets that for many years no one has opened again are active. I read several articles about it.
This complicates the situation as a whole. Even if they have lost faith, what will happen next. There is no evacuation plan yet.

We lost the right moment to have left the market (it was at the end of the last year). Now we just have to be waiting not to fix our losses and hoping for a miracle! If this doesn't happen, well, we just have been trying