Ok, I'll put my theory here. We have seen weird spikes in the past that looked like a speculation bubble and it has taken us a few days or weeks to understand

Ok, I'll put my theory here. We have seen weird spikes in the past that looked like a speculation bubble and it has taken us a few days or weeks to understand their cause. They usually crash a bit but stay at relatively high levels compared to where they started. One was caused by Russians discovering they could evade sanctions that way. Another one was caused by people hiding money in Cyprus discovering that it could be seized by the government. For the current rise, my money is on the anti-corruption operation happening in Saudi Arabia. Whatever you think about the crown prince's true goals, the move is not just theater. Hundreds of billions of dollars are changing hands. I suspect that what we see is half of the royal family's wealth being shuffled around in a hope to escape being seized.