Bitcoin Market Shifts Toward Macro Hedge as Price Nears All-Time Highs

Based on Bitwise's analysis, it appears that the market is shifting its perception of Bitcoin from a purely speculative asset to a macro hedge. The analysts highlight that whether traders accept a $230,000 fair value will depend on factors like sovereign risk premiums, policy uncertainties, and institutional adoption rates, all of which show signs of influence both on-chain and off-chain. They note Bitcoin's recent rally past $110,000 and near previous all-time highs, viewing this not as a peak but as a stepping stone, believing Bitcoin's intrinsic worth is actually much higher. Currently, Bitcoin trades at $109,617, suggesting current market prices are aligning with these broader macro considerations.