Is Bitcoin Cheap Yet?

With BTC dropping under $60,000, many market participants are asking the same question: Is Bitcoin cheap yet? The answer - according to the signal from a range of onchain valuation indicators - is yes, but not as much as previous cyclical lows (post FTX-collapse for ex.). Where we go from here, according to Grayscale, is dependent on two key short-term catalysts: 1) progress on the CLARITY Act in the Senate, and 2) whether levered Bitcoin holders can stabilize their balance sheets. Read more →

The CFTC proposed new rules this morning allowing sports betting on prediction markets like Kalshi and Polymarket but restricting wagers on terrorism, assassinations, and war. The 267-page proposal asserts federal jurisdiction over the billion-dollar industry, overriding state regulators' objections (and recent lawsuits). Chairman of the CFTC, Mike Selig, stated on X, “Rest assured, this will not be the last prediction market rulemaking.” Read more →

Bitcoin briefly fell below $60,000 this week, but Coinbase says some of its largest clients are treating the crash as an opportunity. John D’Agostino, the exchange’s head of institutional strategy, said UAE family offices, governments and sovereign wealth funds are actively looking to accumulate at lower prices rather than panic-selling. He also pointed to ~100 billion still held through bitcoin ETFs despite the asset losing nearly half its value from the peak. In his words, institutions liked bitcoin at $100,000 and “love it even more” around $65,000. Read more →

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