My bad, I didn’t consider that.. thanks for pointing it out. So with that in mind, there’s actually clear growth in terms of average transactions per day.
Still the growth is less than expected if you take into account Bitcoin's price increase since 2023, which results already in some "natural growth" in the volume being transferred, and thus I wrote that you were not completely wrong. From my interpretation, it is the case that
most of the growth comes from investment (ETFs etc.), but a small portion may come from the growth as a currency too.
This is exactly what we don’t want to see but already expected, since it’s the time when institutional investors position themselves. Maybe in the near future when they slow down on accumulating and the market becomes less volatile, that’s when the transaction volume will really start to increase.
I also believe they’re not just accumulating, they probably have a plan to push adoption because that will only strengthen their investment.
So for now we just wait for that time to come.