Dan Olsen has a great video on it.

https://www.youtube.com/watch?v=YQ_xWvX1n9g

I don't want to oversimplify it (its a great watch/listen. Great when cleaning the house as background audio)

But it can be simpleified to

"rich guys bought into cryto. Cryto became mainly for drugs. Silk road dead. No use for cryto. Push NFTs, where the only way to buy in is with Cryto. Normie's buy into NFTs. Cryto value goes up. Rich guys can sell at a good price.