News

According to ChainCatcher, CryptoQuant analyst Darkfost pointed out that Bitcoin's Sharpe ratio has once again entered the extreme negative value zone, dropping below -20 before rebounding slightly. The Sharpe ratio is used to measure the relationship between investment risk and return; a negative value indicates that the current risk is high relative to returns. This aligns with Bitcoin posting losses for the third consecutive quarter (the latest quarterly decline was 16.1%).

But from the perspective of industry supply and demand, the medium- to long-term driving logic of AI computing power demand has not been affected by Meta’s individual actions, and key links continue to constrain the release of effective supply. Meta’s case should not be over-interpreted as a signal of an industry turning point. As earnings season approaches, investors should pay more attention to order guidance from core suppliers such as NVIDIA, cloud provider capital expenditure plans, and the commercialization progress of downstream applications—these are more representative industry indicators.

According to Bitcoin News citing analyst @gaah_im, the Bitcoin Miner Cycle Pressure Composite Index has fallen to a new low in 2026, entering a historically undervalued range. This indicator combines the Puell Multiple with the inverse Miner Capitulation Index to measure the dynamics between miner income and costs. Synchronous collapses of this composite index have appeared near major Bitcoin bottoms in 2015, 2018, 2020, 2022, and 2024. The composite index reached 0.00 during the 2015 capitulation, at which time Bitcoin dropped from around $300 to $160 within a week. The indicator exhibits similar behavior again in 2026, as miner pressure reaches historically rare levels.