If someone day-trades (constantly buys and sells) on a Bitcoin exchange, it would also increase volume without meaning that Bitcoin activity is increasing. In f

If someone day-trades (constantly buys and sells) on a Bitcoin exchange, it would also increase volume without meaning that Bitcoin activity is increasing. In fact, there are plenty of day-traders on Bitcoin exchanges. So, yes, I argue that Bitcoin transactions are a better indicator of its activity. Sure, someone could be moving coins between his wallets, but every other indicator also confirms that Bitcoin activity is increasing (nr. of merchants, Bitpay users, etc).