If one observes the valleys and peaks of ENS registrations & Gas prices, we can conclude that:

• The lower gas fees generally encourage greater registrations and overall activity.

• There is AN EXCEPTION on the chart as we can see. This happens during the Airdrop launch, ie. November 9th-10th. Here, people seem to be ignoring the gas fees and still registering new domains. We can write this off as momentum/hype-driven rather than normal/average behavior.

Notes:

• There doesn't seem to be any meaningful correlation between ETH price movements and ENS registrations. Seems like people don't really take into ETH price for their on-chain activity?

• We see local peaks on ENS registrations for both local Peaks/Bottoms on the ETH price. This just sides further with out claim made above.

Was there a spike in registrations during recent ETH price dips?

The short answer, Yes.

However, as determined earlier too, it's not simply a function of ETH price/dips. It has a lot to do with the underlying gas fees that are required for the Registrations.