I think people realise now you’re not safe outside of BTC, I think they’re beginning to see the difference between BTC and the rest. I also think for the first time the market is having to consider which miners can even survive serious downturns.
Grayscale held a meeting with the SEC about their USA spot ETF recently, which I think is a when rather than an if.
Argo has better margins than everyone else. HUT allegedly spending 22k to mine a bitcoin isn’t good news if true, nor is Maras mining fleet sitting boxed. Argo is best positioned for a bear market, imo.