Bitcoin metric near ‘low-risk’ zone after holders absorb 125K BTC in June: Time for a rebound?
Summary
Bitcoin is showing conditions that often precede long accumulation phases. Its Sharpe ratio fell to -20, a level that has aligned with major cycle bottoms in past bear markets since 2015. Onchain data also looks supportive: exchange reserves have dropped by about 80,000 BTC since February, and accumulator addresses increased demand sharply in early June, absorbing roughly 125,000 BTC between June 1 and 14. BTC is still trading below its 100-week SMA, a long-term trend marker near $88,466, and has spent 133 consecutive days under it. Past cycles typically stayed below this level for much longer before a sustained recovery, suggesting the current consolidation may still be in progress.
