Bitcoin Sharpe Ratio Flips Into Negative Territory— Is The Recovery Back On?

The price of Bitcoin seems to be positioning for a renewed bullish phase following its positive start to the new year. The premier cryptocurrency closed 2025 with a range-bound price performance, recording no significant movement in the past month of December.
However, beneath this early price strength, recent on-chain evaluation reveals that Bitcoin may be at a critical point, where positive price action contrasts with underlying market dynamics. 
Negative Ratios Don’t Mean Price Bot