Personally, I think Bitmain et filia sold as fast as they could. The remaining miners will include a higher proportion of hodlers than when ASICs were online, so that supply is slightly reduced from now on.  Being just a bit behind the most profitable coins is the sweet spot for price appreciation.  Too low and your coin is dying.  Too high and you minimize the number of miners with a long horizon.  Supply is dwindling anyhow, but price is set at the margins.

I doubt we will see a quarter in which the predecessor quarter VWAP was higher than the current quarter for a while - not until BTC tops in the 25 to 40 range and retreats to 16 to 20 range, at least.