Grayscale Says Bitcoin May Have Bottomed as Macro Forces Take Over

Bitcoin’s boom-and-bust cycles have historically been linked to its roughly four-year halving schedule, which reduces the supply of newly issued tokens. Zach Pandl, head of research at Grayscale Investments, said growing institutional participation has strengthened Bitcoin’s ties to interest rates, liquidity and the US dollar, shifting its pricing framework toward the broader macroeconomic environment.

Pandl said Federal Reserve policy now matters more for Bitcoin than the traditional halving cycle. If the Fed refrains from raising rates again, the cryptocurrency may already have completed its latest bottoming process, potentially weakening the four-year-cycle thesis. The available report did not specify the date of his remarks, a Bitcoin price level or an investment amount; attention now turns to upcoming Fed decisions and institutional allocations.