Crypto Enters Undervalued Zone as $200 Billion Tech Fundraising Threatens Liquidity
Summary
- BitMine said valuation indicators for the cryptocurrency market are near bottom levels and have historically coincided with periods when long-term investors accumulated assets.
- CryptoQuant said the realized market capitalization growth rate and its moving averages have fallen sharply from a year earlier, showing that new capital momentum flowing into networks has weakened significantly.
- The report said fundraising totaling $200 billion by major Silicon Valley technology companies including SpaceX, Anthropic and OpenAI could absorb liquidity across broader risk-asset markets.
Forecast Trend Report by Period
The cryptocurrency market has entered an undervalued zone, but tightening macroeconomic conditions and stagnant inflows of fresh liquidity are creating pressure from both sides, according to a report from crypto asset manager BitMine.
In a report released June 19, BitMine said indicators used to assess the crypto market's valuation are pointing to bottom levels. The firm said that has historically coincided with periods when long-term investors accumulated assets. Compared with artificial intelligence shares such as Nvidia, which are trading above their long-term trend lines, cryptocurrencies are in a more attractive valuation range.
Macro liquidity conditions, however, remain deteriorated. CryptoQuant, an on-chain data analytics firm, said the crypto market's realized market capitalization growth rate has been stabilizing lower since entering a bearish regime on Oct. 30, 2025. The indicator's seven-day and 59-day moving averages dropped to 13.9 and 19.1, respectively, as of June 2026, from around 70 in the fourth quarter of 2025. That means momentum in new money flowing into networks has weakened sharply.
A backlog of large fundraising deals in traditional finance is also draining crypto liquidity. Major Silicon Valley technology companies including SpaceX, Anthropic and OpenAI are preparing to raise a combined $200 billion. If those deals move ahead in earnest, they could act as a black hole for liquidity across risk-asset markets broadly, the report said.
