Do you think smaller Bitcoin transactions are a sign of broader everyday usage, or do transaction counts tell us too little about actual adoption?
Increase in number of TX, following a decline in active address and crash in median transaction value does not signify daily usage.
Rather it points to bulk exchange transaction, internal sweep or low value on chain activity, rather than arrival of new retail customer.
I have read that 21Shares data, where ETF have captured large portion of the new demand. And long term holder have sold off. As a result on chain transaction cost are being cut in half.