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Bitwise: Bitcoin is significantly undervalued compared to AI stocks, but the Federal Reserve's hawkish risks still remain

MarsBitNews
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Crypto Mars News: On June 20, Bitwise analysts said that although the market still faces a hawkish risk from the Federal Reserve, Bitcoin’s current valuation indicators still show it is in a historically undervalued range. The Bitcoin Mayer Multiple has fallen below 1.0; historically, this level is usually associated with a long-term accumulation phase, so BTC prices exhibit “deep value” characteristics. However, Bitwise also pointed out that investor participation remains weak. CryptoQuant’s realized market cap growth indicator has been in a bear-market phase since the end of October 2025, showing that new capital entering the Bitcoin network continues to slow down. This indicator’s 7-day and 59-day moving averages have fallen from about 70 in the fourth quarter of 2025 to 13.9 and 19.1 as of June 17. Bitwise also said that compared with AI-related stocks such as Nvidia, Bitcoin’s valuation is at a clear discount, while the latter carries a significant premium relative to longer-term trend levels. At the same time, potential funding rounds or IPOs totaling more than $200 billion in investor demand from companies such as SpaceX, Anthropic, and OpenAI could intensify liquidity competition in the investment market. The Federal Reserve kept interest rates unchanged at 3.5% to 3.75% on Wednesday, but the latest dot plot shows that nine officials expect at least one rate hike within the year, and six officials expect two or more hikes. After the rate decision, Bitcoin fell back below $64,000. Bitcoin investor Jelle said that $64,000 is a key level for buyers; if it holds, the price may continue to rebound to $70,000 over the coming weeks.
BTC1.86%
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