I honestly expected a more significant dip in hashrate/difficulty after the halving, and certainly not a complete recovery until July/August, despite a relatively weak price performance.

If you look at the 90-day average hashrate the halving drop was only able to cause a drop from 612 (highest value for the April-June period) to 596 Eh/s (1 month later). This is only a 2.6% drop. And only recently we hit 615 with that metric (i.e. the value for the June to August period), indicating that in July the recovery had already been completed. Until now these values are very similar to what happened after the halving in 2020 (also about a 2.5% drop). With the difference that in 2020 the halving happened during a bullish phase.

Of course the hashrate/difficulty value is always expected to grow a bit due to Moore's law. Nevertheless, hashrate holds surprisingly well until now.

What was also happening in these last months is that miners sold some of their reserves, which has probably helped them to sustain their operations on a very high level. It wasn't enormous amounts of Bitcoins, and the charts look "bumpy", but probably about 50-70k Bitcoins were sold in 2024 by miners in addition to block rewards and fees.

Around 20k of those BTC were sold since the halving if the chart I linked is correct. In the time since the halving (134 days) about 60000 Bitcoins were mined, so the miners with their selling of reserves could approximately get a 30% more income than they would have from block rewards alone (without transaction fees). In other words, a block reward of about 4 BTC. This could explain partly why the recovery was so fast and the hashrate dip so small.