According to TechFlow, Grayscale said in a statement that Bitcoin and the crypto market were under pressure from multiple selling pressures in June, but the fundamentals of the assets did not change much. Grayscale expects that the spot Ethereum exchange-traded product (ETP) will begin trading in the third quarter of 2024, and believes that the valuation of the crypto market is expected to recover in the coming months.
In June, selling pressure on Bitcoin came from multiple sources, including the Mt Gox bankruptcy legacy, German government liquidation, U.S. government sales, and Bitcoin miners reducing their holdings. Meanwhile, Microstrategy purchased nearly 12,000 Bitcoins in mid-June, which may have supported the price. Although short-term liquidity has affected Bitcoin prices, Grayscale believes that there has been no significant change in the fundamentals of the asset.
Grayscale Research is optimistic about the outlook for cryptocurrency valuations for the rest of the year, believing that the macro backdrop remains supportive of the crypto asset class.
