For sure. What about the increasing ratio of Hodling comparing to spending?

I don't think spending ever took off tbh. It was never economically viable to transact in Bitcoin before it establishes itself as a store of value, no matter how many stupid economic arguments people want to have. That should come soon, I think we're progressing towards that just fine, but I'd like to see non-custodial solutions being the status quo, instead of just a best practice. Clearly, low on-chain activity is a bad sign. I don't mind transacting in Bitcoin, especially if I'm on the receiving end, but only for small scale operations. For large scale operations your margins are usually too small to make sense and logistically it's yet another nightmare to manage your treasury.