Bitcoin Looks Cheap Next to AI Stocks, Bitwise Says
Bitcoin looks cheap compared with AI stocks, Bitwise says. My take: that is the whole story, not a side note. If the AI trade cools off, some of that money could spill into BTC. That is the bet. Bitwise is using the Mayer Multiple, which compares price with the 200-day moving average, and by that measure Bitcoin is sitting lower against its own trend than Nvidia is. Simple setup. BTC may have more room to move if investors start looking past the obvious AI winners and toward the next liquid trade.
The Mayer Multiple is not complicated. It compares an asset’s current price with its 200-day simple moving average. Bitwise says Bitcoin is trading at a discount to its own trend, especially compared with AI stocks that have already had a huge run. The firm specifically said BTC is “заметно дешевле” (“noticeably cheaper”) than Nvidia on this measure. Does that prove Bitcoin is mispriced? No. It proves only that one clean market gauge is flashing a relative-value signal. Markets have a nasty habit of making clean signals look silly. I’ll be honest: I still think the comparison is hard to brush off.
This is the part worth watching. Crypto often rises and falls with risk appetite, but it can also catch money when investors get tired of crowded trades. Most guides say Bitcoin needs its own catalyst. That is only half right. If the “перегретых AI-акций” (“overheated AI stocks”) start seeing outflows, as Bitwise suggests, Bitcoin is one obvious place to watch. Not the only place. Just an obvious one. Big tech has soaked up a lot of capital, and when Nvidia becomes the reference point for every market conversation, even a small rotation can matter. Bitcoin has fixed supply. It has more institutional access than it had in earlier cycles. It also has a story investors already know. I would not call that destiny. It is enough, though, to put BTC near the top of the watchlist.
This also shows how Bitcoin is being treated now. AI stocks are tied to a major technology boom. Bitcoin is a different bet: monetary asset, network, macro trade, and liquidity vehicle. Counter to the usual advice, this comparison is useful precisely because it is imperfect. Bitwise comparing BTC with Nvidia through a familiar market metric says plenty about how the conversation has changed. Bitcoin is not being talked about only as a wild speculative coin anymore. Funds, public companies, and some governments have looked at it as a reserve asset. The Mayer Multiple does not prove Bitcoin is “worth” more, but it gives investors a plain way to compare one hot market with another that may still be underpriced.
What this means
Bitwise is pointing to a possible change in market behavior. If AI stocks look stretched and Bitcoin looks cheap against its 200-day moving average, traders may start treating BTC as the cleaner upside trade. Why does this matter? Because crowded trades do not need to collapse for rotation to start. They just need to stop feeling easy. That could pull some money out of crowded growth names and into Bitcoin. If enough capital moves, BTC could break out of its current range and make another run at its highs. We tried to ignore this setup. It still matters.
The thing to watch is Nvidia and the wider AI trade. If those stocks start slipping, or investors begin taking profits, Bitcoin could catch a bid. BTC’s own 200-day moving average matters too. A sustained move above it, especially on stronger volume, would make the rotation argument more believable. Macro still matters, annoyingly. Economic data, inflation prints, and FOMC meetings can change risk appetite fast. Is this overkill? For BTC, no. A clean break above $70,000 would be the signal I would take seriously. Until then, this is a strong setup, not proof.