The main takeaway from this article is that bitcoin on chain volume has returned to pre 2020 levels. That's not such a bad thing.

No doubt a lot of the 2020-2021 run was fueled by covid money printing. Most assets were inflated. That period impeded price discovery for stocks, real estate, and bitcoin. Enormous paper trading by exchanges like FTX, Celsius, and all the other major exchanges took advantage of the exuberance and made things worse.

There is one area of optimism not touched on by the article, which is limited to on chain analysis. The lightning network continues to grow, develop and innovate. Value for value projects like fountain are gaining traction, nostr's explosive development includes ground up lightning usage, and the LN may enhance internet security by doing away with the whole porous log in/password paradigm.

I paid the price of accumulating throughout the frothy 2020-2021 period on a fiat basis, but I still have my bitcoin. Now I continue to buy at a much lower price point.