Bitcoin’s Icarus Flight: Sharpe Ratio Plummets, Markets Troll Beneath the Clouds

Our dear Bitcoin, once confident and full of youthful bravado, now moves with the timidity of a veteran soldier-bruised, battered, yet still standing (barely). The on-chain metrics, those wise old men who know all and see all, have started to decline alongside the price-a kind of poetic justice, or perhaps a cruel joke. The Sharpe Ratio, that sneaky measure of risk and reward, has fallen-signaling that the market’s efficiency is as elusive as a Russian winter in July.








