Bitwise: Bitcoin Significantly Undervalued Compared to AI Stocks, But Fed Hawkish Risk Remains

BlockBeats News, June 20th, Bitwise analysts stated that despite the market still facing hawkish risks from the Federal Reserve, Bitcoin's current valuation indicator remains in a historically undervalued range. The Bitcoin Mayer Multiple indicator has dropped below 1.0, a level that has historically corresponded to a long-term accumulation phase, indicating that the BTC price exhibits "deep value" characteristics.

However, Bitwise also pointed out that investor participation is still low. CryptoQuant's Realized Cap HODL Waves indicator has been in a bear market phase since late October 2025, indicating a continuous slowdown in new funds entering the Bitcoin network. The 7-day and 59-day moving averages of this indicator have declined from around 70 in the fourth quarter of 2025 to 13.9 and 19.1 as of June 17th.

Bitwise also stated that compared to AI-related stocks such as NVIDIA, Bitcoin's valuation is significantly discounted, while the latter exhibits a significant premium relative to long-term trend levels. Meanwhile, potential funding or IPO deals from SpaceX, Anthropic, and OpenAI totaling over $200 billion may attract investor demand, intensifying competition for investment market liquidity.

The Federal Reserve on Wednesday maintained the interest rate at 3.5% to 3.75%, but the latest dot plot showed that 9 officials expect at least one rate hike this year, with 6 officials anticipating two or more hikes. Bitcoin fell below $64,000 after the rate decision. Bitcoin investor Jelle stated that $64,000 is a key support level, and if held, the price may rebound to $70,000 in the coming weeks.