Bitcoin Trades $66,000 Below M2-Implied Fair Value as Rates and Energy Costs Bite

Bitcoin is hovering near $70,000 while CF Benchmarks estimates an M2-implied "fair value" around $136,000, leaving a $66,000 gap. The analysis links the divergence to tight real rates and a shrinking Fed balance sheet, alongside higher energy costs that may pressure miners to sell. Traders are monitoring $69,000–$70,000 as support and $72,000 as a near-term level to regain.