CryptoQuant analyst I. Moreno reports Bitcoin’s Sharpe ratio has dropped to nearly zero — a level historically seen at major bottoms in 2019, 2020 and 2022. Glassnode onchain data shows >8% of BTC moved in the past week (an event only seen twice in seven years), and Semler Scientific’s Joe Burnett called it one of Bitcoin’s most significant onchain drawdowns. BTC fell about 23% to ~$82,000 before partially rebounding to ~$89,000; Moreno says risk-adjusted outlook improves if volatility normalizes.

Sharpe ratio near zero (per CryptoQuant’s I. Moreno) has historically coincided with major market bottoms (2019, 2020, 2022), suggesting a mildly positive risk-adjusted signal. Glassnode reports >8% of BTC moved in one week (only seen twice in seven years) and Semler Scientific called it a significant onchain drawdown; price fell ~23% to ~$82k then partially recovered to ~$89k. These concrete onchain and price moves give moderate short-term trading relevance, though Moreno cautions improvement depends on volatility normalizing.