Grayscale’s Pandl still sees bitcoin’s $58K low as the bottom, gives clients ‘green light’

Grayscale Head of Research Zach Pandl reiterated his view that Bitcoin's drop to roughly $58,000 in late June marked the bottom of the current bear-market cycle. Speaking at the Avalanche Summit in New York, Pandl confirmed that the digital asset management firm is officially giving clients a "green light" to allocate capital toward cryptocurrency investments. Pandl explained that Grayscale's investment framework relies on three core pillars: long-term structural adoption trends and digital scarcity, the stage of the broader market cycle, and macroeconomic conditions. According to Pandl, all three criteria have now cleared the necessary hurdles to justify aggressive accumulation, aligning with recent optimistic commentary from industry executives who project a multi-year upward trajectory. At the time of the report, Bitcoin was trading above $76,000, remaining approximately 39% below its record peak near $126,000. In addition to Bitcoin, Pandl discussed privacy-focused cryptocurrency Zcash, describing it as an under-explored design space offering critical privacy capabilities as artificial intelligence technologies expand.