Hash rate at an ATH, 218 blocks worth of transactions in the mempool, halving in 7 months and bitcoin is down over 50% from its ATH.

What am I missing here?

Blocks aren’t even “full” with robust transactions. Looks like a whole lot of ordinals and UTXO reorganization to me.

Once fees hit 250sats/vb and are full of valuable transactions with a couple inputs and a couple outputs max, then we can start talking about high demand 🤣

Done. Any improvement?

Dunp incoming