MarketPR
Grayscale Research's June 9 report places $BTC below its long-term average on a composite on-chain valuation indicator, while noting the current discount is shallower than the lows recorded during the FTX collapse of 2022.
With $BTC around $61,901 and down 21% over the prior 30 days, the asset manager characterizes current levels as a long-horizon buying opportunity — conditional on two near-term catalysts: the Digital Asset Market Clarity Act and the balance-sheet stability of leveraged Bitcoin holders.
What the On-Chain Composite Actually Reads Grayscale's composite is an average of multiple established on-chain metrics. Read together, those metrics place $BTC at a discount relative to its historical norms.
The firm's phrasing is deliberate: the asset is undervalued, but not as cheap as previous cycle lows.
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