The price on exchanges has little to do with onchain activity, which has always been a criticism of the valuation metrics, you are somehow reappropriating that

The price on exchanges has little to do with onchain activity, which has always been a criticism of the valuation metrics, you are somehow reappropriating that retroactively in a way incompatible with the other criticism its mind boggling… I would say more but I’m reserving my thoughts in case you have a rationale that is more convincing