Aside from BTC, which has so much utility that governments are securing some, and in some cases, are settling international trade with it to avoid sanctions from nations they aren't allies with.

Is that the reason why BTC transaction volume was trending slowly downwards for years?

It took the stupidity of those Ordinals to push the volume up, and all of that was inorganic speculative BS.

What does this have to do with what I said?

Transaction volume doesn't mean a fiddly-fuck, unless you're measuring network effects, and even then, context can become pretty important.

No, if one thing should be clear to someone reading this thread, it should be that there's only one thing that matters: liquidity.

Huh? If transaction volume is immaterial, what utility are you talking about?

Because we were talking about utility, and that "governments were buying it" - not liquidity.

The quality or condition of being useful; usefulness.

A useful article or device.

The most glaring example is the one I already posted above - countries hanging onto it for the times they need to settle outside of more traditional finance channels.

Ask a different question.