Am I making a mistake waiting for on cycle

Over the last few months, 3 of the other analysts in my class have gotten offers to PE funds that they’ve accepted. They were all smaller, LMM firms that I wouldn’t have been interested in interviewing with, but it’s made me wonder am I making a mistake by holding out for on cycle, which has been “just around the corner” for the past year? My thought process has been that bigger firms will wait for on cycle and the best opportunities will likely not be available until then, and in my chats with friends at those firms that seems to be the case. But I’m worried that seeing all these people get offers and take them, if on cycle doesn’t work out in my favor, I could be stuck with no offer if all these off cycle opportunities are already being filled. Has anyone else thought about this, and how have you decided to approach the off cycle interview / application opportunities that you hear about? Still holding out for on cycle or should I start considering these more seriously?