I think it helps that mainstream media stopped bashing crypto, as far as I can see it, and that it became a subject of debate in the US elections.
The person with a huge amount on a CEX might just be a newbie
Yeah, that would be one of my options. He might be looking for an easy solution, kind of like ETFs in the US. I don't see most people deep involved into crypto. Only in for the profits.
Well, the profit aspect of crypto has actually done more onboarding, but retention becomes an issue in the bear market
That is true. Mostly a casino mindset, nothing long term.