Market data reported by ChainCatcher indicates that Bitcoin's Sharpe ratio has fallen below zero, reaching its lowest level since the FTX collapse in late 2022. A negative Sharpe ratio typically signals that the asset is experiencing high volatility without sufficient returns to justify the risk. Historically, such extreme readings have sometimes preceded market bottoms or major trend reversals. In conjunction with this sentiment indicator, analysts are monitoring key liquidation levels around $82,800 for longs and $91,400 for shorts, where significant volatility is expected.