Bitcoin stayed around $65,000 on Friday after gaining nearly 4% over the past month. Bitcoin’s Sharpe ratio has fallen to -23, a level that crypto analyst Ali Martinez considers optimal for spot accumulation, indicating deep seller exhaustion rather than unlimited downside. Similar Sharpe ratio compressions in 2015, 2019, and 2022 coincided with final bear market capitulation phases. Grayscale stated that BTC’s cycle low may be more determined by macroeconomic conditions than by the traditional four-year cycle, while trader Ardi requires a break above $75,000 to confirm that the $57,000 low represents the final bottom of the current cycle.
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