Of interesting note is a recent report out of UAE speaking of Russians with BILLIONS in Crypto looking to cash out. They are going through the Swiss to attempt it to hide their identities.
What is starling about it though, is that these are long-term holders, I,e, they didn't just recently buy Crypto with rubles or USD and are now looking to sneak the money out. Rather, many of them are very long term holders and have had the crypto for periods much longer than the 2021 boom.
In other words, there have and are a significant number of holders of Crypto that have been sitting in the back for a very long time pushing the Crypto that are Russians to inflate the price for a very long time.