Hash rate correlates more closely with Bitcoins price (and the delta with energy costs)...for example a large drop in hash rate (with a drop in price) does not necessarily mean less adoption:

bitcoin

The History of the Internet & Bitcoin Adoption - Similar Trajectory?

andyleroy

Hash rate correlates more closely with Bitcoins price (and the delta with energy costs)...for example a large drop in hash rate (with a drop in price) does not necessarily mean less adoption:

https://studio.glassnode.com/metrics?a=BTC&category=Miners&m=mining.HashRateMean&s=1517800592&u=1664496000&zoom=