Well exactly, and any time a new merchant comes online, which increases the use case or at the very least doesn’t shrink it, there would only be upward pressure at best and no change at worse. So I’m baffled by the question that the two would be linked. It doesn’t make supply and demand sense.
If we talk about supply/demand relations, then we would have noticed a spike after May 2020, as a result of the block reward halving. The spike didn't occurred then. A small spike was noticed during August, but again after one month the exchange rates went down. It looks to me that whales are manipulating the exchange rates to some extent. Any impact from Pornhub should be minuscule.
Crypto exchanges are largely unregulated, so the types of things that would be illegal in stock trading (like spoofing orders for example to manipulate price) are not prohibited. So I absolutely believe that there is real fraud and manipulation going on in crypto, caused by people with
real money on the line pushing the price around to increase their profits.
