No, it's a good proxy for overall bitcoin ecosystem sentiment. They're bullish and expecting BTC to go up, not down. Anyone expecting lower BTC prices (like me) has already shut down.
Peak hashing power was 5.4 gigahash on deepbit. Currently at 3.1. Looking like about 60% of us are still bullish.
I've just shut down my (deepbit) miner for another day, as 'free' power from my solar PV array has finished for today. I wouldn't discount the possibility that a large proportion of miners on deepbit have 'free' power (solar PV, or stealing it from someone else), are on fixed power contracts (which will go up long after they finish mining due to the lag effect), or have some of the cheapest power on Earth and don't mind having hundreds of dollars in hardware producing cents per day.
Then there are the optimists, who see the current crash as temporary.