📰 Key Highlights

Bitwise recently pointed out that Bitcoin’s current valuation is more attractive compared to AI-related stocks like NVIDIA — the latter has already溢价 above long-term trend levels, while Bitcoin’s Mayer Multiple remains in a historically undervalued zone. At the same time, the market is facing liquidity squeeze pressures: potential financing deals from SpaceX, Anthropic, OpenAI and other giants could collectively attract over $200 billion in investment demand, and these large fundraisings often draw capital from both stock and crypto markets.

On-chain data shows market participation remains sluggish. CryptoQuant’s “Realized Market Cap Growth Rate” has been in bear market territory since October 30, 2025. As of June 17, the 7-day and 59-day moving averages have dropped from around 70 in Q4 2025 to 13.9 and 19.1 respectively, indicating that the pace of new capital flowing into the Bitcoin network continues to slow, with market caution evident.

The latest Fed dot plot added pressure: 9 officials expect at least one rate hike this year, and 6 expect two or more hikes. The market immediately priced in a “higher for longer” rate path. Bitcoin responded negatively, encountering selling pressure at $66,200 with the day’s trading volume being the heaviest in recent times; gold briefly rebounded above $4,300 before pulling back to around $4,244.

For short-term trading, some traders opened a $38.5 million short position on Bitcoin with 30x leverage after the FOMC meeting, pockering approximately $750,000 in paper profits; other analysts view a break below $64,000 as a support test, believing that holding this level could lead to a rebound to $70,000 within weeks.

💬 JudyAI Lab Perspective

Bitcoin weakened under the double pressure of the Fed’s hawkish path and large private financing, but on-chain valuation indicators show it remains in an undervalued zone relative to AI tech stocks. This cross-market liquidity game is worth tracking.

Bitwise pointed out that potential financing deals from SpaceX, Anthropic, OpenAI and other giants could collectively attract over $200 billion in capital demand — this reminds us: as top-tier AI private financing expands, it essentially becomes a liquidity competitor for other assets. The on-chain realized market cap growth rate dropped from around 70 in Q4 2025 to the current 13.9, with new capital inflow pace clearly slowing — this is a structurally backed signal, not just sentiment. The Fed dot plot shows 9 officials expect at least one rate hike this year, and the market immediately priced in a “higher for longer” rate path. These signals combined paint not short-term panic, but a medium-term pattern of capital reallocation across multiple gravity centers.

Next time you analyze any market movement, first ask: What large private financing deals are currently集中 attracting capital? Such liquidity displacements are often the earliest structural warnings before trend reversals.

📅 Source Information

🔗 Further Reading