It dies seem weird, after the last few years. Three reasons I'm not surprised.

• Lightning and other layered settlement keeps getting better, enabling payments, global payment merchants on L2
• There is no current trend of wasting Bitcoin on data transactions, just because it can be done
• Liquid but scarce capital should behave less like less scarce and less liquid capital (cash)

At 935.5 EH/s hash power, seems efficiency is just taking care of the current global population' needs.