In this chart the red curve is the bitcoin energy valuation data with a moving average of 300 days as calibration. Historically both the price and the energy valuation behave as a magnet to each other.

Which makes sense because if the price is higher it incentives mining because it's cheaper to get bitcoin through it. If the price is lower it means that it is more expensive to get bitcoins by mining it (on average) so there is a buying pressure and a mining disincentives until parity.

Today we're in a situation never seen before where both the energy valuation and price are rising all while the price is below energy valuation MA.

I'm still trying to figure this out but it could be the consequence of a huge demand right now 🚀

What could be the reason ? Banks failure, bitcoin massively undervalued, ...

Any ideas ?