The Bitcoin Sharpe ratio has fallen to -10, marking its lowest point since March 2023, according to CryptoQuant analyst Darkfost. This negative territory is typical of the late stages of a bear market, suggesting a potential market turnaround. Historical data shows similar patterns at the end of 2022 and early 2023, as well as late 2018 and early 2019, which were previous bear market troughs. The ratio last hit zero in November 2025, coinciding with a local Bitcoin price low of $82,000. Analysts believe a negative Sharpe ratio often precedes a market turning point.