Bitcoin trading well below fair value

According to Bitwise, BTC is currently trading nearly 40 below its implied fair value, based on global ETP fund flows.
This gap suggests that current market prices do not fully reflect institutional demand coming through regulated investment products.
In simple terms: sentiment and price are lagging behind capital flows a setup that has historically appeared during periods of fear and underpricing.
Whether this turns into a rebound or stays undervalued depends on broader macro and risk appetite, but the disconnect is hard to ignore.