When the hash rate — the real metric of energy and proof-of-work — keeps climbing steadily, yet the sats-per-dollar swings like a carnival ride, it’s proof that price is no longer truth. It’s just the illusion of liquidity painted over counterfeit paper.

They can still pull levers in their theater — tweak rates, spin narratives, massage exchange data — but the timechain doesn’t negotiate. It simply measures human effort and thermodynamic honesty.

What’s wild is that this kind of divergence we’re seeing— between energy reality and fiat illusion — is the same kind of signal that preceded every major systemic shift in history. First the fake metrics go wild, then the faith in them collapses.