Bitwise highlights Bitcoin’s discount to AI equities like NVIDIA while warning of $200 billion in upcoming capital raises diverting liquidity.
Bitcoin trades at a steep discount to AI-linked stocks such as NVIDIA, which command significant premiums over long-term trends, according to market analysis. The valuation gap persists despite Bitcoin’s historically attractive metrics, as elevated interest rates curb capital flows into speculative assets.
CryptoQuant data shows Bitcoin’s realized cap growth has remained in a bear-phase regime since October 2025, with seven-day and 59-day moving averages plunging to 13.9 and 19.1, respectively, from around 70 in Q4 2025. The decline signals weakening investor participation, even as major capital raises—including potential offerings from SpaceX, Anthropic, and OpenAI—could absorb over $200 billion in liquidity.
The Federal Reserve’s hawkish stance further dampens sentiment, with updated projections keeping rates restrictive. The combination of liquidity pressures and macroeconomic uncertainty continues to weigh on Bitcoin’s capital inflows.