Since a big chunk of transactions is made by traders, trading bots, arbitrage bots, ... and since the market was not appealing for some while, yes, the number of on-chain transactions is small.
The fact that the hash rate is recovering also means that the transactions are processed fast enough.
And the result is that lately the blocks are mined without being full with transactions (the mempool is also basically empty).
I guess that this situation won't last long, hence best is to take advantage of the low fees and consolidate your small inputs if needed.
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