Although I’m quite pleased with the overall look of the hat, I would cast on 60 stitches next time - it turned out a bit on the small side.

Cast on 54 using backwards loop method. PM and join in the round making sure not to twist.
Knit 10 rows.
(YO K2Tog) repeat to end of row.
Knit 11 rows.
Fold with knit side on the outside at eyelet row to form picot edge. Pick up 1st st from cast on edge and k together with live st, repeat this to the end of the row to make a double thick hat band with a picot edge.
Knit one row to the end, knitting the last two stitches together (53 stitches)
(K3 P3) repeat to 5 stitches before the end of the row, K3 P2. Continue to repeat the k3 p3 pattern until the hat is about 5-6” from the picot edge, ending at the marker - it will create a spiral pattern.
Decreases Rows
K10 k2Tog K10 K2Tog K10 K2Tog K10 K2Tog K6 (49 stitches)
K1 row
(K5 K2Tog) repeat to end of row (42 stitches)
K1 row
(K4 K2Tog) repeat to end of row (35 stitches)
K1 row
(K3 K2Tog) repeat to end of row (28 stitches)
K1 row
(K2 K2Tog) repeat to end of row (21 stitches)
K1 row
(K1 K2Tog) repeat to end of row (14 stitches)
K1 row
(K2Tog) repeat to end of row (7 stitches)

Break yarn and thread through remaining stitches twice, pull to inside of hat and weave in ends.