Hash rate is the signal in this current macro noise. Hash rate on a 14DMA is less than 5% away from its all-time high, a complete divergence away from the Bitcoin price. The biggest hash rate drawdown in this capitulation so far has been 6%. Yet, hashprice spot is 45, a four-month low. The previous adjustment was 1.5%, and this difficulty epoch 3 days in is already over 2%. U.S miners have seen poor production number this year while Foundry mining pool has stayed relatively flat at 30%. So its not coming from U.S public companies. The hash rate resilience has surprised me due to it not be economical to mine unless you dont need to mine profitably.