I think it felt like this before the last bull market too. Then overnight we had tons of people here, posting about any and everything but mainly those Leo-esque posts about trading advice and how this bull run will change everything, etc. Last bull run we also saw Splinterlands explode, so that brought tons of people here too. After the bull ended, it gradually trailed down to where it is now. I expect it will repeat. Maybe not as high as last time. I don't think Splinterlands will explode again or bring in as many people this time, and there is no other big game. But I think we will still see a similar pattern.
I think you are probably right. This is just the kind of wait and see phase. I remember it a bit, but I don't think I was quite as invested in it last time. Either that or my focus was split and I wasn't paying as much attention.