Here are my preliminary answers to the questions:

Cumulatively — there is a disconnect between BTC price and network activitiy.

This disconnect is even more apparent in other coins.

However, this disconnect might be partly caused by (i) individiual buy and hold investors, (ii) institutional buy and hold investors, (iii) some knock down effect from cloud mining profit squeeze and (iv) after effects of price falls (some people leaving the market, some paying less attention, some expecting further falls).

So if a growing percentage of BTC holders are holding on for store of value reasons rather than usage aims, then the disconnect may be the new normal.

Again — months later, we’ll know better. My own hunch is that the disconnect is real but might not be that price detrimental.

Anyhow, I reserve the right to contradict myself later.