Two signals that don't usually move together just started pointing in the same direction.

Bitcoin miner stress just hit its lowest level of 2026, a level that has historically appeared near cycle bottoms, not tops.
At the same time, Bitcoin's Sharpe ratio, a measure of return relative to risk, went deeply negative again. That combination has shown up before, right around major bottoming periods.
Neither one predicts what happens next. But it's worth noting that $BTC is actually up today, near $63,700, with short sellers getting squeezed for over $100 million in the last 24 hours.
The loudest fear usually shows up right before the data stops confirming it.
Are you watching metrics like this, or does it mostly feel like noise?