Credit is tight right now and banks arent lending the way they used to.

For example, China has been trying to force its banks to make real estate and business loans but theres no good financing at current prices, so they buy bonds.

Even in the US small and medium sized banks are so constrained, and the big banks make so mcuh buying and trading fianncial asset, projects arent being financed unless its a oublic company or on a govt contract.

Less credit for projects means less money flow in the real economy - "seizing up" like an engine without oil.

If thats all true it could explain why fewer txns are happening on network.