Wu said that Grayscale published a statement saying 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 spot Ethereum exchange-traded products (ETPs) to begin trading in the third quarter of 2024, and believes that crypto market valuations are expected to recover in the coming months. In June, Bitcoin's selling pressure came from multiple sources, including the Mt Gox bankruptcy legacy, German government liquidation, U.S. government sales, and Bitcoin miners' reductions. At the same time, 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 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 remains supportive of the crypto asset class.