I agree, part of the motivation for the OP too... illusions to the contrary are just going to disappoint. There will be some re-balance, but its naive to think the people with MOST of the capital now won't still have an outsized share.

Now this is contrary to the OP, but that's not to concede to security budget FUD either.

Fact is we can't possibly know for sure, but the trend is that there's less on-chain demand as Bitcoin becomes more institutional and less of a test network where people hit the chain often with low-value transactions.

Amen.