Grayscale’s Zach Pandl Still Views Bitcoin’s $58K Low as Bottom, Gives Clients “Green Light”

Grayscale’s head of research, Zach Pandl, reiterated that the roughly $58,000 low Bitcoin reached around June 30 marks the bottom of the current bear‑market phase. The asset manager is now advising its clients to allocate to Bitcoin.

Bottom Confirmation

Speaking at the Avalanche Summit in New York, Pandl said the firm “stuck our neck out” by calling the bottom at $58K at the end of June and that this view remains unchanged. His assessment aligns with comments from Coinbase CEO Brian Armstrong, who also believes Bitcoin has bottomed and expects a two‑year upward trend toward the next halving.

Current Price Context

Bitcoin was trading above $76,000 early Thursday, up about 0.8% over 24 hours, still roughly 39% below its all‑time high of around $126,000.

Allocation Framework

Grayscale uses a three‑part framework to decide whether to recommend Bitcoin exposure:

• Long‑term structural trend – continued digital‑asset adoption and scarcity.
• Market‑cycle stage – the bear phase is considered passed.
• Macroeconomic backdrop – broader conditions are deemed favorable.

Pandl stated that all three criteria are met today, prompting the firm to give clients the “green light” to allocate.

Perspective on Zcash

Pandl contrasted Bitcoin with Zcash, an asset Grayscale has offered for about nine years. He highlighted a perceived gap in privacy features for digital currencies, noting that Zcash prioritizes privacy at the expense of some auditability. He described Zcash as occupying an “underutilized, under‑explored design space” and suggested it offers investors a way to express a view on personal and financial privacy, especially as artificial intelligence advances.