It took a while according to the first price chart I found. The initial release of the 4070 Ti/FE in Jan 2023 didn't move the price much but the later release did start dropping the price. Nvidia cards are pretty scarce early in the generation so the price effect takes a minute to really kick into full force.
I just upgraded from a 2080 Ti I had gotten just a few weeks into the earliest COVID lockdowns because I was tired of waiting constantly for the next generation.
https://howmuch.one/product/average-nvidia-geforce-rtx-3070-...