Lack of confidence in national governance. Also, in this case, TINA (there is no alternative) and "talking your book" (to build interest).
Negative yielding sovereign trash with CB's as the marginal bid (or majority of the bid in some "markets") or at worst, the latest shit coins that your customers (institutions and individuals alike) are giving you fiat for and at best…
I'm guessing it's simply that more and more people are fearing that the current inflation is not transitory.