📉 The final of the bears? Sharpe at the bottom, silence rings

The Sharpe ratio for Bitcoin has gone to -10 — deeper only memories of 2018 and 2022. Where risk looks like an abyss, the market usually starts to itch. Formally — it’s still dangerous. By feeling — the familiar chill before a change in weather. I've seen this before.

The background, of course, is gloomy: Google has forgotten about crypto, the fear index is stuck at "14", growth drivers have gone to smoke. The candles burn without enthusiasm, volatility whispers, not screams. A classic scene where the crowd looks down and counts skulls.

And while retail hides its eyes, whales silently open umbrellas: +66 940 BTC to accumulation addresses in a single day — the largest inflow of the cycle. The market does not ask who is right. It simply closes the door and turns off the light. And the resolution… usually comes without announcement.