Cache lop didn't work for me in any case. Writing out the animation and reading with a sublayer was the only way to get it to work.
However, when closing houdini and reloading my file, it mysteriously works without any changes.
References:

Point instancer:

'Instanceable references' don't work correctly. The blur looks like when there are too many geometry samples when something is moving stochastically.
Instanceable References:

On a side note when using a point instancer prim, the prototypes would appear unhidden when changing the stage by loading a different file with the sublayer. Deleting the sublayer had the effect of re-hiding the prototypes. A similar effect happens when changing the instance method on the poinstancer lop. Deleting the lop and un-deleting also flushes the stage back to a working state.

Testing was with houdini 18.0.532