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Bitcoin is trading near $65,831, with on-chain activity described as weak and a cluster of roughly 125,000 BTC drawing attention at current price levels.
The Sharpe ratio, a measure of risk-adjusted return, is among the metrics being cited alongside the tepid activity data.
What the Numbers Are Saying The pairing of a weak-activity reading with a Sharpe signal is the kind of combination that tends to raise flags for position-sizing desks rather than inspire fresh bids.
Sharpe measures how much return an asset is delivering per unit of volatility — when it compresses, it tells you the reward for holding is shrinking relative to the risk.
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