Bitcoin spot value is 40% lower than its energy value

According to Charles Edwards, founder of Capriole Investments, the energy value of Bitcoin has reached $130000 since the halving event in April 2024. Compared to its energy value, Bitcoin's current price is equivalent to a 40% discount. Energy Value "is a model designed to measure the functional relationship between the" fair value "of Bitcoin and the amount of energy used by miners worldwide to produce Bitcoin. CryptoQuant data shows that on April 24th, over 8756 bitcoins (worth approximately $830 million at market price at the time) were transferred out of the Coinbase exchange. Binance also experienced an outflow of 27750 bitcoins on April 25th, with Alphractal founder Joao Wedson stating that "this is the third largest bitcoin outflow event in the history of the exchange".