Bitwise Estimates Bitcoin’s Fair Value at $230,000 Amid Price Rally
Researchers at Bitwise Asset Management estimate Bitcoin's fair value at around $230,000, suggesting a premium of over 110% compared to its market price of approximately $109,600 as of June 11, 2025. Key points include:
- Concerns over US fiscal deficit and sovereign defaults are driving interest in Bitcoin as a decentralized asset.
- Bitwise's Cryptoasset Sentiment Index shows twelve of fifteen market indicators trending higher, indicating bullish sentiment.
- Bitcoin's exchange reserves have dropped to 2.91 million BTC, about 14.6% of the circulating supply, due to whale withdrawals.
- Bitcoin futures open interest increased by 2,200 BTC, with positive funding rates for perpetual swaps.
- Global crypto ETPs saw inflows of $488.5 million last week, with $254.9 million directed to Bitcoin products.
- Despite potential headline risks causing volatility, structural factors suggest upward momentum for Bitcoin.
- Bitwise highlights that Bitcoin's recent performance positions it more as a macro hedge rather than a speculative asset.
The report emphasizes that the path to reaching the estimated fair value depends on sovereign-risk premiums, policy uncertainty, and institutional adoption trends.
At press time, Bitcoin traded at $109,617.
