MAX PAIN ZONE JUST TRIGGERED Bitcoin’s short-term Sharpe Ratio just printed around -38, a level we’ve only seen at major cycle bottoms: 2015, 2019, and late 2022. The Sharpe Ratio measures risk-adjusted returns. When it goes deeply negative, it means the asset is delivering maximum pain relative to volatility. Fast drawdowns. Emotional damage. Forced exits. Historically, BTC’s deepest Sharpe troughs have coincided with the end of selling pressure, not the beginning of prolonged bears. The arrows on the chart say it clearly -- extreme negative readings were followed by aggressive recoveries. From a risk-reward perspective, this is where asymmetry tends to show up. The downside momentum is largely priced into short-term positioning. But historically, buying these Sharpe extremes has been one of the highest conviction setups in Bitcoin’s playbook. It doesn’t feel good here. That’s usually the point. 💥