Live markets: A bitcoin bottom signal flashed as holders absorbed 125,000 BTC in June

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Bitcoin's Sharpe ratio has hit a level that has marked every cycle low since 2015, preceding months of basing rather than an immediate rebound. This ratio measures risk-adjusted returns and has historically signaled a bottom, but its significance lies in the fact that it has been surpassed in previous cycles, indicating a potential prolonged period of consolidation.