Why not “habrían estado”?
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From StudySpanish
To express speculation about the past:
Aquél día correrían más de veinticinco kilómetros.
That day they must have run more than 25 kilometers.
Like the example above, I think this is a case where an English tense doesn’t doesn’t map one-to-one onto a Spanish tense.
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When I read “estarían”, i think “would be”, not “would have been”
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