The transaction flows aren't dependent on new holders, it's dependent on users.

If you somehow banned any new users from using Ethereum, existing users would continue to use Ethereum for the applications built on top of it.

Not sure what the exact definition of those things are, but the ether burns might be a counter-example (could say it's similar to dividends), so it's not only dependent on new holders.

It is just inflation of money supply, same as with fiat currencies.