Bitcoin Is Screaming Cheap Again — And this Chart Makes It Impossible to Ignore.

Bitcoin is trading at one of its deepest discounts to the power-law model since late 2022.

Last time, we had FTX, Terra, Celsius, BlockFi, panic, fraud, and zero hope.

Today, we have ETFs, BlackRock, fair-value accounting, and political momentum.

Same fear.

Very different setup.