Previous volatility has to be taken into account, it was very wild in the beginning $1 to $1200 that's huge, 500 to 20,000? not that bad.
Look at the smaller coins with million dollar caps, they are very unstable. The time required to make a position, the number of positions available, the number of participants capable of a position, the average value of each position, average position of knowledgeable participants and most importantly of all the negative correlation of participants exiting the system.
The statistics you have is just for the last couple of days and its on an average which is not enough to conclude that we have achieved an equilibrium position because at times when things are down, its assume that stability has been achieved which would be a wrong conclusion because the market is still subjected to high level of growth that we don't even know about. What we should do is to play along, invest when you can and wait till the times peak activities will return.
Look at the cost of the transactions, it has become 1% of all the transactions and that 1% is $100 American dollars, this is showing the strength of the position of participants, how much are they willing to put to be part of this? They are hedging my friend, they are borrowing from the banks to get in on this. The miners have seen a massive boost in profits, What are they going to invest in to maintain their edge?
The hashrate is defending hundreds of merge mined coins, their profits are way bigger than they look, the technology R&D being dropped into this is going to be staggering. But it's only staging, me are still at the whim of the confidence of participants, their average investment and regular participation... if they can't buy something with any of the blockchain coins.. that's it we are screwed.
I completely agree that we suffer lack of confidence, it seemes to be the main problem, actually. Still, there are also "participants" who benefit from destabilising and gain more evoking panic among BTC holders - they hysterically start to sell
