Ethereum is flashing a rare signal. The Calmar Ratio has dropped to the 4.8 percentile of its entire history, meaning ETH’s risk-adjusted returns are sitting near extreme historical lows. This metric compares returns against maximum drawdowns — making it one of the cleanest ways to measure performance quality across cycles. The only time it was lower was back in December 2019, right before a major shift in market structure. Historically, such levels have often appeared during deep-value zones where long-term setups start forming. $ETH