📉Bitwise This set of data is quite interesting: the valuation gap between Bitcoin and U.S. tech stocks has hit a record high.

bitcoin:native The current MVRV is only 1.42, which is higher than 36% of historical times;
Conversely, the Nasdaq 100's P/B has almost exceeded 99% of its historical times.
Of course, MVRV and P/B are not the same valuation metrics, one looks at on-chain cost and market value, the other at stock price and book value, so they can't be directly compared simplistically. But this gap itself is very telling:
Tech stocks now have already priced in a lot of AI, rate cuts, profit expansion, and long-term growth expectations, whereas on the BTC side, although ETFs have opened institutional channels, on-chain valuation has not yet entered an extreme euphoria zone.
Bitwise's judgment is that in the second half of the year, U.S. tech stocks may first experience a correction before Bitcoin spot ETFs, which will then transmit to the crypto market, so there is still room for BTC to catch up in the second half of the year.