[Analysis: Bitcoin Sharpe Ratio Hits Historic Low, Accumulation Wallets Absorbed 125,000 BTC in June] According to CoinDesk, the Bitcoin Sharpe ratio has dropped to -20, a level previously seen at the cycle bottoms in 2015, 2018-19, and 2022-23. Historically, this signal is typically followed by several months of bottom consolidation rather than an immediate rebound. In 2015, this indicator remained in the bottom range for about five months, while in 2018-19 and 2022-23, it lasted approximately three months each. Meanwhile, accumulation wallets absorbed approximately 125,000 BTC in the first half of June. Exchange reserves have decreased by about 80,000 BTC since February, now standing at approximately 2.71 million BTC. Whales withdrew over 11,000 BTC from exchanges in the past day. Bitcoin's rebound from the $59,130 low to around $65,800 was primarily driven by the U.S.-Iran agreement rather than on-chain indicators.