From the perspective of a part time private seller.

I used to sell my kid's Playmobil, and the odd train set, nothing special - perhaps £1000 a year of our own family 'tat'. I bought around £1500 a year worth of stuff from Ebay.

Ebay introduced Seller Protection, and the 48hr hold on payment in February.  I thought 'that's my lot, I'm not going to bother selling anymore'. More importantly, on 4th Feb 2025 I immediately stopped visiting the site and stopped buying items . (Bought 3 items in 5 months).

Ebay culled private sellers, but didn't think that those sellers are also buyers. Ebay is dead - to me at least.