Bitwise Says Bitcoin Is Flashing Deep Value. The Catch Is Liquidity.

Bitcoin slid below $64,000 on June 18 after the Federal Reserve held rates at 3.5% to 3.75%.

The drop came as Bitwise published research arguing Bitcoin looks historically cheap, even as the asset stays pinned by a tightening macro picture.

Bitcoin is still the largest crypto asset by market capitalization, ranked first on CoinGecko’s June 18 market data. That keeps this squarely a top-of-the-market story.

The valuation case rests on the Mayer Multiple, which measures Bitcoin’s price against its 200-day moving average. Bitwise’s Crypto Market Compass said Bitcoin was trading below 1.0 on that gauge.

A reading under 1.0 means Bitcoin sits below its own long-term trend. By that lens, the asset is at a discount to where it usually trades.

Bitwise laid out the valuation and liquidity contrast directly.

Bitwise argued that Bitcoin screened as deep value while AI equities remained extended across the same risk-asset backdrop. Its comparison was deliberately uncomfortable: Bitcoin sat below a 1.0 Mayer Multiple, while Nvidia still traded at a premium to its own 200-day trend.

The firm also flagged a liquidity crowding risk from potential public-market demand linked to SpaceX, Anthropic, and OpenAI. If those deals pull more than $200 billion of liquidity toward private-AI names, Bitcoin’s valuation discount may not be enough by itself to force a quick rebound.

That is the tension that makes the report useful for readers. Bitwise is making a narrower point than a simple cheap-therefore-higher call.

It is saying the upside case looks asymmetric, while the immediate obstacle may be competition for capital from the same investors who also want exposure to AI growth. The takeaway is a more disciplined one: cheap valuation is a setup, but liquidity is the catalyst that still has to show up.

NOW: 💥 Whales are starting to position for a Bitcoin crash after the Fed ended forward guidance. One trader just opened a massive $38.5 MILLION BTC short with 30x leverage right after the FOMC meeting.

He is already up nearly $750K on his position. Smart money may be… https://t.co/nfdhkCGaww pic.twitter.com/BgbS20SIUS

— Crypto Rover (@cryptorover) June 18, 2026

The firm also flagged a liquidity crowding risk from potential public-market demand linked to SpaceX, Anthropic, and OpenAI. If those deals pull more than $200 billion of liquidity toward private-AI names, Bitcoin’s valuation discount may not be enough by itself to force a quick rebound.

That is the tension that makes the report useful for readers. Bitwise is making a narrower point than a simple cheap-therefore-higher call.

It is saying the upside case looks asymmetric, while the immediate obstacle may be competition for capital from the same investors who also want exposure to AI growth. The takeaway is a more disciplined one: cheap valuation is a setup, but liquidity is the catalyst that still has to show up.

If those deals land, they compete directly for the dollars that would otherwise chase a discounted asset. Value only matters when there is money around to act on it.

Cointelegraph connected Bitwise’s cheap-Bitcoin argument with the macro and liquidity pressure around the Fed.

Bitcoin slipped below $64,000 after the Federal Reserve held rates at 3.5% to 3.75%, giving the valuation debate an immediate market-pressure backdrop. The same piece cited Bitwise’s view that Bitcoin was trading below 1.0 on the Mayer Multiple, a level that historically screens as cheap against its 200-day average.

The warning is that cheap can stay cheap when liquidity is tight. Cointelegraph also cited CryptoQuant realized-cap data showing capital inflows slowing sharply from late-2025 levels.

That makes this a liquidity story as much as a valuation story. That distinction is important because valuation metrics can make an asset look attractive before new buyers actually arrive.

The Fed backdrop, the post-meeting price weakness, and the realized-cap slowdown all point to the same practical question: who has enough liquidity and conviction to bid Bitcoin higher now?

Traders are watching the range lows for now after the Fed decision.

$BTC – as expected, we’re seeing a retrace back towards the range lows after the weekend reclaim. Hold here and we likely see extended relief into $70k in the coming weeks.

Big day ahead. pic.twitter.com/grx4R5rPzf

— Jelle (@CryptoJelleNL) June 18, 2026

The setup Bitwise describes is a clean test of how much valuation matters when cash is being pulled in other directions. Bitcoin can look like the bargain in the room while the liquidity that would prove it cheap keeps getting drawn toward the AI buildout.

CoinGecko provides the market-rank context.

CoinGecko’s June 18 market data ranked Bitcoin first, Tether third, and USDC fifth by market capitalization. That keeps the Bitcoin, stablecoin, and miner stories tied to major digital assets rather than small-token speculation or low-liquidity market noise.

The ranking is context, not an investment signal, and it should be read only as a size and relevance marker for coverage decisions. For stablecoins, the ranking explains why USDT and USDC belong in the same policy conversation as Bitcoin and Ethereum rather than in a back-office compliance niche.

For Bitcoin and mining, it keeps valuation, infrastructure, and balance-sheet questions anchored to the network that still defines crypto’s center of gravity. The ranking stays secondary.

It establishes why the story fits PCN’s major-asset focus, while the reporting still has to carry the article.

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