Bitwise Says Bitcoin Is Flashing Deep Value. The Catch Is Liquidity.

By Isaac • June 18, 2026 10:24 pm •

Bitcoin slid below $64,000 on June 18 after the Federal Reserve held rates at 3.5% to 3.75%.

The drop came as Bitwise published research arguing Bitcoin looks historically cheap, even as the asset stays pinned by a tightening macro picture.

Bitcoin is still the largest crypto asset by market capitalization, ranked first on CoinGecko’s June 18 market data. That keeps this squarely a top-of-the-market story.

The valuation case rests on the Mayer Multiple, which measures Bitcoin’s price against its 200-day moving average. Bitwise’s Crypto Market Compass said Bitcoin was trading below 1.0 on that gauge.

A reading under 1.0 means Bitcoin sits below its own long-term trend. By that lens, the asset is at a discount