Bitcoin's Sharpe ratio has plummeted to an all-time low of -20, a level historically seen at cycle bottoms in 2015, 2018-19, and 2022-23, according to CoinDesk. This indicator typically signals a prolonged bottoming phase rather than an immediate recovery, with past instances lasting several months. Meanwhile, accumulation wallets have absorbed approximately 125,000 BTC in June, while exchange reserves have decreased by 80,000 BTC since February, now totaling around 2.71 million BTC. Recent market movements saw Bitcoin rebound from $59,130 to about $65,800, driven by geopolitical developments such as the US-Iran agreement, rather than on-chain metrics. The upcoming Federal Reserve interest rate decision, along with comments from Fed Chairman Warsh, will be crucial in determining the sustainability of Bitcoin's recent price recovery.