Bitcoin is trading at a 30% discount relative to Nasdaq fair value

Bitcoin is currently trading at approximately a 30% discount compared to its fair value implied by the Nasdaq 100 index, sitting around $110,000 when the fair value is estimated near $156,000, according to ecoinometrics data. This divergence is historically significant, mirroring a gap seen in 2023 before a major rally, suggesting Bitcoin is poised to catch up. Furthermore, the recent October flash crash purged over $12 billion in derivatives open interest, which analysts view as a bullish reset by flushing out leverage. This reset, combined with solid fundamentals and growing market sophistication (options OI rivaling futures OI), sets the stage for a potential rally. Macro factors also suggest a rotation from gold, which appears overextended, toward high-beta assets like Bitcoin, reinforcing the view that this deep discount presents a rare accumulation opportunity for long-term investors.

(Source：CryptoSlate)