This. In other words... my understanding is that the vast majority of txs the last few months were ordinals and runes transactions. Those have mostly lost their appeal (see the nft market which has considerably slowed). Now the 'real' demand for blockspace is showing, and frankly while blocks are full the fees are still extremely low.

Add to that greater lightning adoption... where transactions can be quick and semi-private without on-chain transactions (it's great)