Yes, third point is the most likely, a lot of that money was coming from ordinary people. I know people that are not tech savy at all and they invested in bitco

Yes, third point is the most likely, a lot of that money was coming from ordinary people. I know people that are not tech savy at all and they invested in bitcoin when it was worth 15k and holding because they don't want to sell now for 2x times less. One of my mining rigs was bought by farmer, second was bought by guy selling audio hardware etc. The bubble was so strong, everyone wanted to get in either by buying mining rigs (not understanding how minining/difficulty works) or buying crypto.