Umm I am sorry but you misunderstand the fundamentals of bitcoin. The mining profitability is quite irrelevant for the economics of bitcoin.
Fundamental aspect are more how many people are joining and buying btc.
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People buying on exchanges aren't users of Bitcoin, they're users of exchanges. Like users of brokers. Imagine if a company argued "look at our fundamentals, people are buying our stock". It would be a sign to run for the hills. Those buyers are just looking to sell when the price reaches a certain point, they don't form any meaningful part of the Bitcoin network effect until they're actively using or accepting Bitcoin in exchange for goods and services.
Joining BTC and using it is an important fundamental, the most important one. But there are plenty of others which impact the coming supply and demand for Bitcoin.
If you think mining profitability is irrelevant, do you think how many transactions can be processed per day is also irrelevant? Do you think new supply on the markets is irrelevant? Both of these are directly affected by mining profitability.
I believe that any user of bitcoin is a bitcoin users. It does not really matter where you hold the bitcoins. I started out as an exchange user and now hav most of my coins off exchanges.
And transactions will happen no matter how much miners and mining power there is.
Bitcoin has many problems and challenges but some miners losing money and people having coins on exchanges are not the big issues imho. however if you believe in your convictions just sell all your coins and you will communicate you dissatisfaction to the miners.