ETFs are for sure a driver but I also wonder how much people are front-running narratives.
With the halving coming up, everyone is expecting BTC in 6 figs and eth to ATH, so I think we might see things move earlier than normal.
The flip side, based purely on historical info, is that April is typically not great and May is a blood bath, then it gets choppy until the end of summer and we rip again.
I'm not waiting for April personally - I've been balls deep in ETH and alts for two years, but am starting to move into a small stables position where I can farm points for confirmed airdrops. Won't be going more than 40% stables but it'll be the most I've held since 2021. If I miss some of the rip I don't care - I need to hedge a bit to sleep better.