The oldtimers are dumping their ETH and waiting to buy ETH POW. 2016 all over again... Easy money
They're dumping their ETH, sure. That's what legacy finance people do in recessions. Since ETH is basically owned by funds, it isn't surprising they used the merge to lock a ton of coins away, inflate the price, then dump like no tomorrow.
I don't believe they're waiting to buy ETH POW though. That would be dumb probably. More likely they're raising cash and looking for good bargains on mansions.