Bitcoin mispricing deepens as BTC trades below $100K, but not for long: Bitwise
Bitwise suggests Bitcoin is significantly undervalued relative to global liquidity, implying a potential fair value near $270,000.Summary
A recent Bitwise report indicates that Bitcoin is experiencing one of its deepest macroeconomic disconnects, trading significantly below its model-implied fair value of approximately $270,000, representing a 66% undervaluation relative to the surging global money supply (M2). This gap is set against a backdrop of massive global reflationary efforts, including US Treasury issuance, stimulus checks, the end of Fed QT, and significant fiscal initiatives from Japan, Canada, and China, which have pushed global M2 to a record $137 trillion. Bitwise argues that because Bitcoin historically acts as a sensitive barometer for monetary dilution, this undervaluation presents a significant asymmetric opportunity, suggesting a potential upside of about +194% if it reverts to its liquidity anchor. Furthermore, while gold currently outperforms Bitcoin on risk-adjusted returns (Sharpe ratio), Fidelity's Jurrien Timmer views the divergence as a potential mean-reversion setup, noting that BTC remains structurally strong along its long-term adoption curve despite trading below $100,000.
(Source：Cointelegraph)