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26Q1 Bitcoin Valuation Report
From reports.tiger-research.com
BTC trades near $96,000, down 12% since our last report on Oct 23, 2025. Despite this, the macro backdrop stays firm for Bitcoin. The Federal Reserve cut rates by 25 bps three times from Sep to Dec 2025. The rate now stands at 3.50%–3.75%. The Dec dot plot sees a 3.4% rate by year-end 2026. Sharp cuts of 50 bps or more are unlikely this year. However, the Trump administration may appoint a more dovish replacement once Powell’s term ends in May. This should keep the easing trend in place. Institutional appetite is slow despite the macro shift. Spot ETFs saw $4.57B in outflows in Nov and Dec, the largest outflows ... (full story)