**[Bitwise: Bitcoin Significantly Undervalued Compared to AI Stocks, but Fed Hawkish Risks Persist]** BlockBeats News, June 20 – Bitwise analysts stated that despite the market still facing hawkish risks from the Federal Reserve, Bitcoin's current valuation metrics indicate it is in a historically undervalued range. The Bitcoin Mayer Multiple has fallen below 1.0, a level historically associated with long-term accumulation phases, suggesting that BTC prices exhibit "deep value" characteristics. However, Bitwise also pointed out that investor participation remains sluggish. CryptoQuant's realized market cap growth metric has been in a bearish phase since late October 2025, indicating a continued slowdown in new capital entering the Bitcoin network. The 7-day and 59-day moving averages of this metric have dropped from around 70 in Q4 2025 to 13.9 and 19.1, respectively, as of June 17. Bitwise further noted that compared to AI-related stocks like Nvidia, Bitcoin's valuation is at a significant discount, while the former is trading at a notable premium relative to long-term trend levels. Meanwhile, potential funding or IPO transactions involving companies like SpaceX, Anthropic, and OpenAI could collectively attract over $200 billion in investor demand, intensifying competition for liquidity in investment markets. The Federal Reserve maintained interest rates at 3.5% to 3.75% on Wednesday, but the latest dot plot shows that nine officials expect at least one more rate hike this year, while six officials anticipate two or more hikes. Following the rate decision, Bitcoin fell below $64,000. Bitcoin investor Jelle commented that $64,000 is a key support level for buyers, and if it holds, a rebound to $70,000 could continue in the coming weeks. [Original Link]