I think a lot of people knew it was coming soon, and that triggered the death spiral. Everyone knows 20%apy staking rewards can't last forever, and people on Re

I think a lot of people knew it was coming soon, and that triggered the death spiral. Everyone knows 20%apy staking rewards can't last forever, and people on Reddit of all places (if Reddit knows then it is far from a secret) saw that reserves would run dry by June with the current trajectory, and they were adjusting rates way too slow to prevent any kind of shock. So people started to jump ship, which caused the initial depegging since people were selling both UST and LUNA to get out of the ecosystem entirely.