Usually hashrate keeps grinding higher through the pain. Price falls, miners get squeezed, weaker operators sell or restructure, but the network keeps making new highs because newer machines, cheaper power, and deployment pipelines keep pushing hash online. There's also a lag between purchasing, delivering and installing of machines.

This time looked different. Just look at the shape of the curves below - it's a gradual grind down. This is different. Seems like miners are all gradually being flushed out. Great for those that keep their compass pointing north and can weather the storm.