Bitcoin to Crude ratio

I think about the ratio in terms of miner stress; for instance with the defi summer rally the oil denominated chart showed that (in oil terms) BTC was already coming into ATHs at ~10kUSD. I.e. input costs were accounting for roughly the same percentage of production for miners while the Fiat price they can realize on that stock was half as much. You can tease out analogous signal from the ATH lower high/ bear div from this cycle.

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