The Sharpe Ratio has rolled over near every major cycle peak, long before price actually breaks down. Price can stay high, but returns become inefficient and volatility starts working against you.
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Bitcoin doesn’t top on price — it tops on risk.
The Sharpe Ratio has rolled over near every major cycle peak, long before price actually breaks down. Price can stay high, but returns become inefficient and volatility starts working against you.
Halvings spark upside.
Risk-adjusted returns fade first.
This isn’t the end of the cycle — it’s the phase where discipline matters more than conviction.
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