What led to the major narrative change and the $500b+ freshly entered capital?

The cryptocurrency market was essentially muted for many, many weeks. Ever since the May surge from BTC to over $82,000 and the subsequent crash to under $58,000 on July 1, the market has remained dull with little to no movement from the larger caps.

Then it all changed within hours on Wednesday afternoon as something unusual happened. Essentially all crypto assets exploded suddenly to new local peaks (some to ATHs, such as HYPE), with BTC leading the pack with a surge from under $65,000 to almost $80,000 before it pulled back slightly.

The speed of the rally and the subsequent decline suggest…