Golden Finance reported that the Grayscale Research team said in a statement that in June, Bitcoin and the crypto market were under pressure from multiple selling pressures, but the fundamentals of the assets did not change much. Grayscale Research expects spot Ethereum exchange-traded products (ETPs) to begin trading in the third quarter of 2024. If there is no major shift in the macroeconomic outlook, Grayscale Research expects cryptocurrency valuations to recover in the coming months. In June, Bitcoin's selling pressure came from multiple sources, including the Mt.Gox bankruptcy legacy, the German government's liquidation, the U.S. government's sale, and Bitcoin miners' reductions. At the same time, Microstrategy's purchase of nearly 12,000 bitcoins in mid-June may have supported prices. Although short-term liquidity has affected Bitcoin prices, Grayscale believes that there have been no major changes in asset fundamentals. Grayscale Research is optimistic about the outlook for cryptocurrency valuations for the rest of the year, believing that the macro background still supports the crypto asset class.