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

Bitwise analysts said in a June 20 update that despite lingering hawkish risks from the Federal Reserve, Bitcoin’s valuation remains in a historically undervalued range. The Bitcoin Mayer Multiple has dropped below 1.0—a level that has historically correlated with long-term accumulation phases—indicating BTC carries "deep value" characteristics, per the firm. That said, investor participation in crypto stays low. CryptoQuant’s Realized Cap HODL Waves indicator has been in bear market territory since late October 2025, signaling a steady slowdown in new capital flowing into the Bitcoin network. As of June 17, the indicator’s 7-day and 59-day moving averages have fallen from roughly 70 in the fourth quarter of 2025 to 13.9 and 19.1, respectively. Bitwise also highlighted that Bitcoin’s valuation is significantly discounted compared to AI-focused stocks like NVIDIA, while those AI stocks boast notable premiums over their long-term trend levels. Meanwhile, potential funding or IPO deals from SpaceX, Anthropic, and OpenAI totaling over $200 billion could draw investor demand, intensifying competition for market liquidity. On the monetary policy front: The Federal Reserve held its benchmark interest rate at 3.5% to 3.75% on Wednesday, but the latest dot plot showed 9 officials expect at least one rate hike this year, with 6 anticipating two or more increases. After the decision, Bitcoin slipped below $64,000. Crypto investor Jelle noted that $64,000 is a key support level; if it holds, the coin could rebound to $70,000 in the coming weeks.