I think that could be the description of it each time it reaches a bubble level. That's how the 2017 peak looked too. This drawdown cleared out a lot of bad leverage.

Also, I view holding it as using it. One of the purposes of money is to be held. Non-custodial portable money is a good thing to have as a nonzero portion of someone's net worth. It represents the stored-up ability to use it later if needed or wanted.

I think Lightning is reaching critical mass over the past couple years too, and especially if combined with stablecoins (Taro), that could kick things up a notch from here. There is a demand throughout countries with high inflation for dollars (something they can hold for a few months with relative stability), and all else being equal, I think offering them Lightning wallets that have the ability to hold/send both bitcoin and stablecoins can increase adoption of bitcoin.