Definitely but the price of Bitcoin has been quite steady around £39k-42k, whilst riot is down more than when BTC was 35k.
I think this explains it, the margin Riot and other miners make is much of a muchness when Bitcoin is between £39-42k. Therefore the fact the SP is falling must be due to some other factor, such as a general market rotation into ‘safer’ stocks or other cryptos e.g ethereum. The hype around miners has well and truly dissipated for now at least.
I think you have had people buying these miners who shouldn’t be here. Happens with every hyped industry. Then at the first sign of trouble they sell and move on, rather than commit.