Bitwise Models Bitcoin at $224K Fair Value on Debt-Hedge Thesis

Bitcoin trades near $66,300 on June 3 as Bitwise’s latest model assigns a $224,000 theoretical fair value should BTC serve as insurance against sovereign defaults. The week opened with the May 27 ARMA bill proposing a 20-year U.S. Treasury Bitcoin reserve, then shifted to simultaneous Bitcoin and gold ETF outflows after JPMorgan flagged fading debasement demand. Record long-term holder supply (14.85 million BTC) and $29 trillion in 2026 refinancing needs now frame the macro-backdrop, while volatility convergence toward gold levels and heavy AI-stock rotation keep near-term flows negative.