The Sharpe Ratio for TON has recently experienced a slight decline from its peak in late 2024, indicating a moderation in risk-adjusted returns as the market stabilizes ahead of the anticipated Altseason. Despite the recovery, TON's price remains 20%-30% below its all-time high, suggesting that the asset has not yet fully regained its previous levels. This stabilization marks a transition into a recovery phase, with both long-term holders and short-term traders capitalizing on renewed optimism.

The current Sharpe Ratio suggests a buying opportunity for long-term investors aiming to leverage TON’s resilience and growth potential. Short-term traders maintain cautious optimism, considering regulatory developments expected in 2025 that may present both challenges and opportunities.

The Open Interest and Funding Rates chart supports this narrative by showing steady open interest levels, indicating sustained participation in the TON ecosystem. Balanced funding rates further reinforce the view of a cautious equilibrium in the market.