The Sharpe ratio of TON has recently decreased slightly from the peak at the end of 2024, indicating that risk-adjusted returns are stabilizing as the market prepares for Altseason. Despite signs of recovery, the price of TON remains 20%-30% lower than its all-time high, suggesting that the asset has not fully regained its previous peak. This stability reflects the market transitioning into a recovery phase, where both long-term and short-term investors are capitalizing on the new optimism.

Currently, the Sharpe ratio presents a buying opportunity for long-term investors looking to leverage the growth potential of TON. Meanwhile, short-term traders approach the market with cautious optimism, noting the anticipated regulations in 2025 that could bring both challenges and opportunities.

The Open Interest and Funding Rates charts indicate a stable level of participation in the TON ecosystem, with balanced funding rates reinforcing the view that demand for both long and short positions is relatively even.