Bitcoin Sharpe Ratio Hits -20 at Cycle Bottom; Accumulation Wallets Absorb 125k BTC in June

According to CoinDesk, Bitcoin's Sharpe ratio has fallen to -20, matching levels last seen during market cycle bottoms in 2015, 2018-19, and 2022-23. However, historical precedent suggests such signals often precede months of consolidation rather than immediate recovery; in 2015, the indicator remained at bottom levels for approximately five months, while 2018-19 and 2022-23 cycles saw roughly three months each.

Accumulation wallets have absorbed approximately 125,000 BTC in the first half of June. Exchange reserves have declined by about 80,000 BTC since February to approximately 2.71 million, while whales withdrew over 11,000 BTC from exchanges in the past 24 hours. Bitcoin rebounded from a low of $59,130 to approximately $65,800, primarily driven by the U.S.-Iran agreement rather than on-chain metrics.