Bitcoin Spot Value 40% Lower Than Its Energy Value

According to a report by Jinse, Charles Edwards, founder of Capriole Investments, states that since the halving event in April 2024, Bitcoin's energy value has reached $130,000. In comparison, Bitcoin's current price is equivalent to a 40% discount (40% lower) off its energy value. The "energy value" model is designed to assess the "fair value" of Bitcoin based on the function of the energy amount used by miners worldwide to produce Bitcoin. CryptoQuant data indicates that on April 24, over 8,756 Bitcoins (worth approximately $830 million at the time) were withdrawn from the Coinbase exchange. Binance also experienced an outflow of 27,750 Bitcoins on April 25, which Joao Wedson, founder of Alphractal, noted as "the third-largest Bitcoin outflow event in the exchange's history."