On one hand, it doesn't add up, since the bitcoin network is not seeing any increased usage in the number of transactions and network congestion. The "mempool"

On one hand, it doesn't add up, since the bitcoin network is not seeing any increased usage in the number of transactions and network congestion. The "mempool" size has been relatively low. However, right now, Ethereum is responsible for a lot of the demand for BTC, and it moves a lot of it through its money protocols. There's currently almost $3 billion worth of BTC deposited to Ethereum in various forms. The most dominant one is "Wrapped BTC" which has been growing at a staggering rate. In one year, it added more than $2b worth of value. See the graph here https://defipulse.com/wbtc https://defipulse.com/wbtc