Bitcoin’s deeply discounted versus AI-stocks, but hawkish Fed risk lingers: Bitwise
Bitcoin remains in a “deep value” zone on valuation measures, with Bitwise saying its Mayer Multiple has stayed below 1.0, a level historically linked to accumulation. Even so, new capital entering BTC looks weak: CryptoQuant’s realized cap growth has stayed in a bear phase since late October 2025, with its moving averages sharply lower, signaling fading investor participation. The Fed left rates unchanged, but updated projections suggested a higher-for-longer path, which weighed on risk assets and pushed BTC back below $64,000. Bitwise argued Bitcoin’s appeal is strong relative to expensive AI stocks, but tighter liquidity and major upcoming public listings could pull capital away from crypto. Trading remains mixed: some see the pullback as a normal support retest, while others are betting on further downside.
