Pandl | Crypto

Grayscale’s head of research said that Bitcoin may have bottomed, arguing that macro factors, such as interest rate decisions as increasingly driving the price action of this maturing asset class. Crypto-focused asset manager Grayscale said that Bitcoin’s price may have bottomed earlier than the traditional four-year cycle, which would imply a cycle low in September or October.  Grayscale’s head of research, Zach Pandl, argued that Bitcoin (BTC) has “grown up” as an asset and is increasingly driven by macroeconomic factors.  “If the Fed forgoes rate hikes and economic growth holds up well, Bitcoin’s price may already have bottomed,” Pandl wrote in a Wednesday report. Read more

Grayscale's research head Zach Pandl said Strategy should sell $3 billion in Bitcoin to cover its cash obligations, but CryptoQuant argued the company has other ways to support STRC. Zach Pandl, head of research at Grayscale, said he hopes Strategy will sell at least $3 billion in Bitcoin to cover most of the company’s cash obligations for the next two years. In a Saturday X post, Pandl argued that the move may restore market confidence in the company's capital structure. Contrary to his hopes, Pandl said he expects a 50-basis-point increase to the dividend rate on Strategy’s preferred stock, STRC, adding roughly $100 million in annual obligations over two years. Pandl added that this scenario “probably does not help market confidence.” Read more