Just checked the Bitcoin yardstick metric and it's absolutely wild right now - we're talking deep undervalued territory that's barely happened before. Charles Edwards flagged this the other day, and the numbers back it up. The yardstick basically compares BTC's market cap to the network's hashrate (computing power), kind of like a PE ratio but for crypto. Right now it's sitting way below -1 standard deviation, which is the zone where things look genuinely cheap.

What's crazy is that even during the 2022 bear market, the yardstick didn't dip this low. We've actually broken through those previous lows. That said, just because the yardstick screams undervalued doesn't mean we're bottoming tomorrow - back in 2022, it stayed depressed for months before any real recovery showed up.

There was this weird spike in late January when a US snow storm tanked the hashrate, which temporarily pushed the yardstick up, but that was short-lived. Once the power came back online, we got hit with that sharp price drop in early February. Now BTC is hovering around 66.92K after bouncing around the past day. The yardstick is still flashing that deep value signal, so it's definitely worth watching how this plays out.