Sure it’s not a direct per-transaction carbon footprint - but every transaction has mining fees, and more transactions mean there’s more money in mining which means more miners which means more carbon burnt.
The price on exchanges has little to do with onchain activity, which has always been a criticism of the valuation metrics, you are somehow reappropriating that retroactively in a way incompatible with the other criticism
its mind boggling… I would say more but I’m reserving my thoughts in case you have a rationale that is more convincing