The price of cryptocurrencies are strongly correlated.
I have the feeling that if you inject money in any cryptocurrency, you inject money in the "cypto market" which eventually mean that the price of PoW money also increase. And the energy usage follow the price of the PoW money.
The "crypto market" is also very correlated to the US stock market, and risk assets in general.
The best way to push the energy usage of PoW money down is to get back fiat money under control and stop incentivizing reckless gambling, like the FED finally seems to be doing.
This may be true short term, but it doesn't hold long term. When you support a competitor you improve the narrative for its relative strength.
Eventually I think Bitcoin will lose out to PoS cryptocurrencies (probably Ethereum), and many people such as myself are specifically rallying behind this narrative, which is why we see bitcoin dominance at near historic lows, and I suspect it's unlikely to recover to >70% and perhaps not even >60%.
I have the feeling that if you inject money in any cryptocurrency, you inject money in the "cypto market" which eventually mean that the price of PoW money also increase. And the energy usage follow the price of the PoW money.