TheBlock
Grayscale Head of Research Zach Pandl is holding the line on bitcoin's $58,000 low from June 30 as the floor of the current bear-market phase and is now actively advising clients to add to the asset class. "We have stuck our neck out over the last couple of months and attempted to call the bottom at 58K at the end of June," Pandl told The Block at the Avalanche Summit in New York. "That would still be my view that that was the bottom for this bear market phase."
Bitcoin was trading above $76,000 in early Thursday trade, up 0.8% over 24 hours and still roughly 39% below its record high near $126,000.
Why it matters
Pandl runs a three-part checklist before recommending client allocation: the long-term structural trend, the stage of the market cycle, and the macro backdrop. Grayscale's read is that all three have now cleared the bar, citing continued digital-asset adoption and digital scarcity, a market that has already absorbed a bear phase, and a constructive broader macro picture. "In my view, you can check all of those boxes today," he said.
The advisory matters because Grayscale is one of the largest dedicated digital-asset managers in the US, and a public green light to allocate has historically been a leading indicator of fresh institutional flow into spot products.
Market impact
The call lines up with Coinbase CEO Brian Armstrong, who on September 10 said bitcoin has bottomed for the current cycle and expects a two-year uptrend into the next halving. With BTC rebuilding a base above $76K and Grayscale's research desk openly recommending allocation, the institutional bid story for the next leg is reasserting itself.
On a separate panel, Pandl also argued Zcash fills an "underutilized, under-explored design space" as a privacy rail, particularly as AI makes financial and personal data more exposed. He framed ZEC as complementary to BTC rather than competitive, pointing to a missing privacy layer on bitcoin itself.
Frequently asked questions
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What did Grayscale's head of research say about BTC's bottom?
Zach Pandl told The Block at Avalanche Summit that bitcoin's roughly $58,000 low on June 30 remains his call for the bottom of the current bear-market phase, and that the firm is now telling clients to allocate.
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What is Grayscale's three-part framework for recommending allocation?
Pandl said the framework checks the long-term structural trend, the stage of the market cycle, and the macro backdrop. Grayscale now reads all three as having cleared the bar.
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Where is BTC trading now and how far below its all-time high?
BTC was trading above $76,000 in early Thursday trade, up 0.8% over 24 hours, and remained about 39% below its record high near $126,000.
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How does Pandl's call line up with other public bottom calls?
The call aligns with Coinbase CEO Brian Armstrong, who on September 10 said bitcoin has bottomed for the current cycle and expects a two-year uptrend into the next halving.
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What did Pandl say about Zcash relative to bitcoin?
Pandl argued Zcash fills an underused privacy rail that bitcoin is missing, framing ZEC as occupying a distinct design space rather than competing directly with BTC, particularly as AI makes financial and personal data more exposed.
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