Bitwise: Bitcoin Is Undervalued Compared to AI Stocks, but Fed Rate Hikes Remain a Risk

According to Huoxing Finance, on June 20, Bitwise analysts stated that despite ongoing risks from a hawkish Federal Reserve, Bitcoin’s current valuation metrics still indicate it is trading within a historically undervalued range. The Bitcoin Mayer Multiple has fallen below 1.0—a level historically associated with long-term accumulation phases—suggesting BTC exhibits “deep value” characteristics. However, Bitwise also noted that investor participation remains weak. CryptoQuant’s realized market cap growth metric has remained in bearish territory since late October 2025, indicating a sustained slowdown in new capital entering the Bitcoin network. The 7-day and 59-day moving averages of this metric have declined from approximately 70 in Q4 2025 to 13.9 and 19.1, respectively, as of June 17. Bitwise further noted that Bitcoin’s valuation is significantly discounted compared to AI-related stocks such as NVIDIA, which currently trade at notable premiums relative to their long-term trends. Meanwhile, potential financing or IPO activities from companies like SpaceX, Anthropic, and OpenAI could collectively attract over $200 billion in investor demand, intensifying competition for liquidity in the investment market. The Federal Reserve held interest rates steady at 3.5% to 3.75% on Wednesday, but its latest dot plot showed that nine officials expect at least one rate hike this year, while six anticipate two or more hikes. Following the rate decision, Bitcoin retreated below $64,000. Bitcoin investor Jelle noted that $64,000 is a critical level for buyers; if sustained, it could support a rebound toward $70,000 in the coming weeks.