Here's evidence that there is accumulation of bitcoin happening
The following is a chart of bitcoin addresses that hold at least 1 bitcoin:
Some of this is people removing their coins from centralised exchanges to limit the risk that their coins get stolen.
But some of this is down to investors thinking, "The price is attractive enough that it makes sense to diversify a little into bitcoin". Especially given the bloodbath in both the stock and bond markets, and no sign that the energy crisis will get resolved soon.
The energy crisis is particularly important because it may fuel inflation for years. The inflation kick-started by the Yom Kipper war in the early 1970's didn't end till the early 1980's when Norwegian and British North Sea oil came online.
If the current inflationary environment is going to go on for years, it makes sense to hold some bitcoin as a hedge.