What I'm talking about is something that shows that when the price is stable, more people decide to use bitcoin. @elvismercury brought up a good point that this may be the case in developing countries, and especially if the local fiat is experiencing hyperinflation. We can't be certain, though, since USD stable coins seem to get adopted at least as frequently in those situations. Again, I'm just guessing, and that's why I would like evidence. One other thing. I am pretty sure that at high prices, bitcoin has historically been anything but stable. During extreme bubbles and crashes there is a lot of volatility.