Grayscale Says Bitcoin Valuation Is Below Long-Term Average, Urges Focus on Clarity Act

Grayscale Head of Research Zach Pandl said onchain valuation metrics show Bitcoin is trading below its long-term average, though it has not fallen into the cheapest range seen in previous cycles. The assessment bears on whether the market is nearing a bottom and underscores the importance of the U.S. Clarity Act for digital-asset regulation and institutional capital allocation.

The latest analysis recommends that investors build positions gradually while monitoring the Clarity Act's legislative progress and whether leverage among institutional holders continues to decline. The report did not provide the analysis's publication date, Bitcoin's current price or a recommended investment amount. It therefore does not establish that the cycle bottom has been reached or identify a specific entry price.