Bitcoin Currently Undervalued by On-Chain Metrics, But Not at Cycle Lows: Grayscale Research

BTC3.41%
According to ChainCatcher, citing Grayscale research head Zach Pandl, on-chain valuation indicators show Bitcoin is currently undervalued as of June 2026, though not yet at the levels seen at prior cycle bottoms. Pandl attributed the shallower current bear market to structural improvements including smaller gains in the previous bull cycle, increased ETP availability, and expanded institutional adoption.
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