Analysis: Bitcoin's Sharpe ratio has hit an all-time low, and accumulation wallets have held 125,000 BTC in June.

CoinFeed reported on June 17th that, according to CoinDesk, Bitcoin's Sharpe ratio has fallen to -20, a level that has appeared at the bottoms of cycles in 2015, 2018-19, and 2022-23. Historically, however, this signal is usually followed by several months of bottoming out rather than an immediate rebound. In 2015, the indicator remained in the bottom range for about five months, and in 2018-19 and 2022-23, it was about three months each. Meanwhile, accumulation wallets absorbed approximately 125,000 BTC in the first half of June. Exchange reserves have decreased by approximately 80,000 BTC since February to approximately 2.71 million BTC, and whales withdrew over 11,000 BTC from exchanges in the past day. Bitcoin's rebound from a low of $59,130 ​​to approximately $65,800 was primarily driven by the US-Iran agreement, rather than on-chain indicators.