Bitcoin’s (BTC), valuation metrics, continue to indicate a steep discount as the market braces for Kevin Warsh becoming the new Federal Reserve Chair. Bitwise Investments Analysis said BTC stays in a “deep value” After a value metric has fallen below 1, a zone is created, which corresponds to long-term accumulation.
CryptoQuant’s realized capital growth has been in a negative phase since the end of October 2025, which is a sign that investor participation continues to be subdued. The BTC network is experiencing a slowdown of new capital.
As a result, the competition to attract new money on the market is increasing.
What is the most important, deep value or liquidity pressure?
Federal Reserve interest rates were held at 3.5%-3.7%5% by the Federal Reserve on Wednesday. The decision was consistent with Bitwise market expectations, and the Fed avoided the unexpected hawkish move that had been anticipated.
Bitwise said that BTC’s price was still below $64,000 despite the Fed’s announcement of interest rates. “deep value” The Mayer Multiple compares the price with its 200-day average. The company noted that the Mayer Multiple remained lower than 1.0. This level has traditionally been associated with accumulation periods.
Bitcoin Mayer multiples vs Nvidia Source: Bitwise
Bitwise claimed that Bitcoin was valued at a premium to AI-related equities such as NVIDIA which traded significantly above long-term trends. It also highlighted a pipeline of large capital raises including possible offerings linked to SpaceX Anthropic and OpenAI. Together, these deals may attract investor interest of more than $200 billion.
The large number of listings is often a sign that investors are very active. Also, they absorb liquidity which would have otherwise been invested in equities or cryptocurrencies. Bitwise reported that high interest rates limit capital available for Bitcoin despite its attractive price.
Bitcoin capital flows also reflect the subdued level of participation. CryptoQuant’s realized cap-growth metric is now at a level of 8%. remained Bitcoin valuation indicators have moved to historically favorable territory, despite the fact that Bitcoin has been in a “bear-phase” regime since October 30, 2025.
Bitcoin’s growth in realized capitalization. Source: CryptoQuant
The moving averages of the seven-day and the 59-day metric have fallen to 13,9 and 19,1 respectively on June 17, from 70 roughly in Q4 2020. This slowdown indicates that the rate of capital flowing into the Bitcoin network continues to decline, underscoring investor caution.
Bitcoin researcher Axel Adler Jr. pointed The Fed decision has prompted a new concern. The rates were unchanged but the dot plot updated showed that nine officials expected at least two rate increases this year.
Bitcoin has reacted badly to this update. Selling volume increased during Wednesday’s decline, resulting in the most intense trading at the rejection point at $66,200. Gold’s initial rise above $4300 has faded and the metal is now trading at $4244 as of Thursday.
Adler believes that market participants are pricing in higher rates for longer, not a policy of easing near term.
Related: Capital B shareholders approve up to $120B in financing capacity for Bitcoin strategy
BTC traders are split in two on their next move
Data from the market shows BTC traders interpret Fed’s result in different ways.
Market commentator Crypto Rover highlighted A new $38.5 Million Bitcoin short position was opened using 30x Leverage shortly after FOMC. The trader reportedly had $750,000 worth of profit that was not realized as Bitcoin declined.
Bitcoin investor Jelle saw the drop below $64,000, from a weekly high of $67.255, as merely a retest. Analyst identified $64,000 as the key price level for buyers. adding,
“Hold here, and we likely see extended relief into $70k in the coming weeks. Big day ahead.”
BTC/USD analysis for one day by Jelle. Source: X
Related: Bitcoin capitulation ‘twice as weak’ after spot liquidity turns supportive: Glassnode
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Source: cointelegraph.com
