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Bitcoin Deeply Undervalued? ‘Yardstick’ Metric Hits Off-The-Chart Lows

Charles Edwards of Capriole Investments reports that the Bitcoin Yardstick, a valuation metric comparing market cap to network hashrate, is at "off-the-chart" lows, signaling the cryptocurrency is deeply undervalued. The indicator has fallen below -1 standard deviation, reaching levels even lower than during the 2022 bear market. While this suggests Bitcoin is in a "cheap value" zone, it does not necessarily indicate an immediate price bottom, as the metric can remain undervalued for extended periods. A temporary spike in the Yardstick occurred in late January due to a U.S. snowstorm that forced miners offline, reducing hashrate, but the metric quickly fell again following a sharp price drop in February. Bitcoin has since rebounded, trading near $71,000.

bitcoinist03/25 09:01