Also feels like the wave started with a certain IG sales page starting an ISO campaign July 10th that has ran since. With that visibility and leverage on the market, many watchers may have joined the spec or FOMO train. Makes sense if you have the capital to claim what little there is in the market. With the ad claiming to pay "significantly more than GPA", you can see where others could become concerned with a market rise that could shut them out, left with FOMO.
Prior to that, the discussion had been how far the floor dropped on a 9.8 first print.