TechFlow reports that on June 10, Zach Pandl, Head of Research at Grayscale, released a research report stating that, based on multiple on-chain valuation metrics, Bitcoin’s current price is below its long-term average, indicating it is undervalued—though not as severely undervalued as during previous cycle lows such as after the FTX collapse.
The article notes that whether the market has already hit bottom will depend in the short term on the U.S. Senate’s progress on the CLARITY Act and on whether highly leveraged Bitcoin holders can stabilize their balance sheets. Grayscale believes this bear market may be shallower than historical cycles, citing factors including a relatively modest prior bull market and structural improvements driven by ETPs, wealth management platforms, and institutional adoption.
