That's basically the same explanation as mine.

I've also seen a few places that blame Peter Thiel. That makes sense because: (1) Thiel is objectively more responsible than virtually anyone else for fomenting the fear cycle that led to the crash as he one of the first VCs to hit social media, and he hit it hard, urging tech execs and institutional investors to withdraw their money from SVB; and (2) He's an asshole.