So ETH drops 25% on some random Sunday and now the market's just going on like nothing happened.

Yes, yen carry trade.

Yes, jump dumped.

I don't see how this fully explains it.

"It's not over yet" has been my base case.

But all this is just...weird.

I’d suggest reading polynya. 

In the end, dapps are pretty worthless. I’m at peace with it now.

But fallout will continue - speculators on dapps being a selling point are still putting head underwater and fleeing to SOL (see Trump kids literally entering the fray)