Grayscale confirms bitcoin bottom at $58,000 and tells clients to buy
- —Grayscale calls $58,000 in late June the cycle bottom
- —BTC above $76,000: +31% from the low, but -39% from the $126,000 peak
- —Cycle drawdown of about 54% versus 70-80% in past cycles
- —Grayscale is promoting Zcash as a privacy layer for bitcoin
Why it matters: A major asset manager publicly confirming the bottom and recommending buying could support institutional demand for BTC.
Source: Journal du Coin