It's probably from everybody learning cold storage.

Zeus bringing non-custodial lightning with lightning addresses to the masses:

nostr:nevent1qqsqn0jaae22c0cvmud044d2td3n63k3f6n4whz5l3jx3xkaqjxlq6qpp4mhxue69uhkummn9ekx7mqzyq6d9af8fuv43lxjevjx8k474h0c5g0cft8yysw63zqz80c9ejqf2qcyqqqqqqgpa3nwe

It’s just what Bitcoin does. Price is set at the margins and there are enough buyers to bid up price at the moment.

Imagine when the daily supply halves in ≈6 months.