A theory on ETH price driver - Alt project earnings took a while to digest

I have a theory on why almost everyone recognized the technical accomplishments and adoption momentum of Ethereum but the price lagged behind BTC and other alt coins in the last few years. This may not be a new idea but I haven't seen an explicit post about it:

• supply/demand dynamic is very important for any crypto asset price
• ETH was a primary payment method for ICOs in 2021 cycle
• This was a main driver for ETH's last bull run: people bought ETH for ICOs -> ETH price goes up -> more people bought ETH because of price movement
• Projects/memecoins/Alts had most of their wealth in ETH
• Initially when price kept going up, people were happy to keep ETH
• ETH wasn't immediately liquid for all payment use cases, so there is still constant sell pressure on ETH as project owners try to get liquidity
• At the peak of the ICO season, less people bought ETH for ICOs, but selling pressure continues as project owners needed money to fund operation, ETH price flattens
• Project owners saw this and accelerated diversification
• Retail followed, more people sold ETH for BTC/Stablecoin -> ETH price goes down -> more people followed

It took a few years for this diversification dynamic to bottom out.