Good stuff. I wonder if you compared the onchain fees vs volume over time whether there is much less volume when fees are high. The nature of the multisig they use in trade makes it particularly expensive to use in a high fee environment.
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Thats one thing I didnt do! I started to but realized "min fee per block" wasnt a good measure of overall congestion. I wanted median but thats not a standard output from bitcoin-cli. I started on a script but it was too slow and I ran out of time.
Maybe it is also the volatility in fees too. I noticed that sellers with better prices tend to disappear when the fees are ripping up. Possibly too much risk of orders being stuck as a result of the transations being in mempool for extended periods.