📉Bitwise has some interesting data: the valuation gap between Bitcoin and US tech stocks has reached a historic high.

bitcoin:native Current MVRV is only 1.42, which is higher than historical 36% of the time;

Conversely, looking at the Nasdaq 100, P/B has almost exceeded historical 99% of the time.

Of course, MVRV and P/B are not the same valuation metric; one looks at on-chain cost and market value, and the other looks at stock price and book net assets, so they cannot be directly compared. But this gap itself is quite telling:

Tech stocks have already priced in a lot of AI, interest rate cuts, profit expansion, and long-term growth expectations, while on the BTC side, although ETFs have opened up institutional channels, on-chain valuation has not yet entered extreme exuberance territory.

Bitwise's judgment is that in the second half of the year, US tech stocks may experience an adjustment before Bitcoin spot ETFs, which will then transmit to the crypto market; thus, there is still room for BTC to catch up in the second half of the year.

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