Grayscale: BTC has entered an undervalued range

Zach Pandl, head of research at crypto asset manager Grayscale, has analyzed that BTC has now entered an undervalued range based on on-chain valuation metrics, although it is not as undervalued as it was at previous cycle bottoms. He suggested that the current bear market might be milder than those in the past, attributing this to the relatively smaller gains of the last bull run and an improved market structure, including the expansion of ETFs and increased institutional investment. Pandl noted that key short-term variables include the progress of the CLARITY Act and the financial stability of leveraged BTC investors. He added that the current BTC price level could be seen as an opportunity for long-term investors to accumulate their holdings in stages.