Bitcoin falls under $102K: Analysts say BTC is ‘underpriced’ based on fundamentals

Bitcoin extended its decline to $102,000 on Tuesday, marking a 7% drop for the week, which correlates with weakness in risk assets like the Nasdaq 100 futures. Analysts from Ecoinometrics argue that this price weakness is not fundamentally justified, noting that financial conditions remain loose and that Bitcoin appears "underpriced relative to the macro backdrop." While spot Bitcoin ETF inflows have slowed significantly in Q4 compared to earlier in the year, the overall net balance remains positive, indicating resilient long-term investor demand. On-chain metrics show easing sell-side pressure and strong long-term accumulation, with exchange reserves falling to 2.85 million BTC. Furthermore, the Stablecoin Supply Ratio (SSR) has dropped to a historically significant level (13–14), suggesting that stablecoin liquidity is building on the sidelines, potentially setting the stage for a relief rally, although the strength of previous SSR rebounds is waning.

(Source：Cointelegraph)