BTC Network Fundamentals Strongest Since 2017
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Jamie Coutts, a crypto market analyst at Bloomberg Intelligence, told X: "The media has attributed bitcoin's 150% rise over the past year to anticipation of a spot ETF launch. However, BTC's network fundamentals, along with new use cases like inscription, are the strongest they've been since the 2016-2017 cycle." "To measure fundamentals, we can look at different components of BTC's network activity. Right now, the bitcoin network activity index is at an all-time high, but the BTC price is 40% below its peak. This suggests that BTC is undervalued.