Great take in this short thread, my thoughts are quite similar. It's difficult to say exactly why this happened amongst so many holders of size at the same time, but all of the reasons Evan mentions here are true, as well as the general feeling of exhaustion and cynicism. Memetic consensus formed and people took action. It's important to note that a lot of this capital has been redeployed in other asset classes and it will take a lot for it to return (much of it probably never will).