BTC price is still 'signficantly undervalued,' Bitwise says: Crypto Daybook Americas

Bitcoin recently gained 2% to top $68,000, but the market sentiment remains in 'extreme fear' for the 20th consecutive day, according to the Fear and Greed index. André Dragosch, head of research in Europe at Bitwise, noted that consolidation is expected after the recent crash, suggesting a sideways or downward movement is most likely, rather than a V-shaped recovery. However, Dragosch highlighted optimism, pointing to strong market odds (near 80%) for the U.S.'s Clarity Act passing in 2026, which could catalyze altcoins like ETH and SOL. Crucially, Bitwise believes Bitcoin is significantly undervalued relative to global money supply, gold, and especially global Bitcoin ETP flows, suggesting a potential catch-up when risk appetite returns. Caution persists as large holders move coins to Binance, signaling potential selling pressure, but Dragosch dismissed recession fears, citing expanding global liquidity.

(Source：CoinDesk)