If you don't even understand that speculation can (and does) occur outside of on-exchange transactions, then I don't think this conversation is worth continuing.
I now understand that you probably weren't lying, you were just clueless about what you were talking about and actually thought that exchange volume is the only place where speculation occurs lmao.
In case it still isn't clear to you: on-exchange activity != total speculative activity. It isn't an upper threshold on total speculative activity. It has no concrete relationship with total speculative activity. Both on-exchange and off-exchange transactions can be speculative, or non-speculative. The metric you provided is not "exactly the data I asked for", it's a complete non-sequitur that betrays your ignorance on the underlying topic.
> That doesn't sound too different from all modern investing.
This is a valid comparison, you're on the right track here! Crypto ownership is very similar to modern investing, in that it's a speculative asset class, and not primarily being used for its function as a currency.