The other thing worth understanding is what hashrate signals about Bitcoin itself.
Every time global hashrate hits a new all-time high, it means more capital, more energy, and more conviction are being poured into securing the network — which is one of the strongest long-term confidence signals Bitcoin produces.
Hashrate rising during a bear market, when prices are low, is the clearest sign that operators see something the market has yet to price in.
So when you watch the hashrate chart, you are really watching the world vote on Bitcoin's future with electricity.