The question is not whether the majority of trading volume is speculative daytrading institutions/regulated entities, but whether you still have the ability to carry out your "darknet"/censorship resistant transactions.

I think the day-to-day tx volume will always be short term speculators; it's just human nature. But as long as we still can do txs in a permissionless way if shit hits the fan, we're good.

And we mostly can although there are arguably already many restrictions, in particular on volume. That is the real threat