Bitcoin Undervalued? Key Metric Drops to Historic Low

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Bitcoin Yardstick data confirmed a new record for BTC price "deep value" in February as miners battled the lowest price levels in 15 months.

Bitcoin is “off the chart” in terms of value-for-money as price diverges from hash rate, a market analyst says.

Bitcoin price action is diverging from hash rate to an extent never seen before.

The Bitcoin Yardstick metric shows that price is in its “deep value” range.

Hash rate continues to circle its historical highs despite a 40% BTC price drawdown.

Bitcoin Yardstick shows record “deep value”
Updating X followers on his Bitcoin Yardstick metric, Charles Edwards, founder of Bitcoin and digital asset hedge fund Capriole Investments, confirmed that it was in new territory.

The Bitcoin Yardstick divides market cap by hash rate, normalized over a two-year period. The result is an expression of Bitcoin’s “value” at a given price point and hash rate level.

“Similar in concept to a ‘PE Ratio,’ except instead of stock earnings, the Bitcoin Yardstick is taking the ratio of energy work done to secure the Bitcoin network in relation to price,” Edwards explained while introducing the metric in 2022. 


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