Deftones lead singer Chino Moreno explained that this song is a reference to the turmoil they went through making the Saturday Night Wrist album. About a year into recording, Moreno felt it wasn't up to standard and started putting his efforts into his ambient music side project, Team Sleep. Moreno was also going through a divorce and doing a lot of speed, which didn't help. "Hole in the Earth" was Moreno's way of addressing that challenges he and his bandmates faced to make the record. Chino says he didn't explain his lyrics to the band until after the album was recorded.
This was the first single released from Saturday Night Wrist. The album title is a reference to a medical condition one of Moreno's friends suffered called Saturday Night Palsy, which is caused by sleeping with your arm over a chair or with someone lying on it - typically the person has passed out drunk when this happens. A notable victim of this condition is Dave Mustaine from Megadeth.
The Eurythmics' "Sweet Dreams (Are Made Of This)" came top of a 2013 Spotify poll to find out which songs music fans most commonly hear people singing incorrectly. Many believe Annie Lennox is singing: "Sweet dreams are made of cheese, who am I to disagree?"