Any answer I give will probably get dismissed as cope 🙁 It is worrying that on‑chain activity looks down. The last major fee spike from pure BTC demand was years ago - maybe 8, at least 4. That doesn’t look like an adoption curve. And who’s selling now, when even nation‑states are adopting? I doubt OGs are selling. Institutions might take profits off‑chain in big chunks. For everyday users, wallets haven’t improved much, so adoption is either whales or plebs relying on custodians. Plus, who knows how much batching, SegWit, and Lightning have absorbed demand so fees don’t flare up like before?