Ethereum Demand-Side Metrics

I posted this Q last week but might have been asking it in a way that was unclear.

I'm curious what other people think is the most important metric that is linked to eth demand strictly from a utility standpoint, not from a speculation standpoint. In other words if this metric 10x then the utility-based demand for eth is probably 10x as well.

Do you think it is daily active wallets on Ethereum, the number of transactions on Ethereum, total transaction fees, etc.

Thanks