Grayscale: The cryptocurrency market is under short-term pressure from multiple factors and is expected to recover in the coming months

ChainCatcher news, Grayscale Research stated in its latest article that in June, ongoing and anticipated selling pressure from various sources has put pressure on Bitcoin and the broader cryptocurrency market, including the bankruptcy assets of Mt Gox, Bitcoin sales by the U.S. and German governments, and outflows from U.S. spot Bitcoin ETPs.

However, it believes that the fundamentals of this asset class have not changed significantly. The listing of spot Ethereum ETPs seems to have made more progress. Although the specific timing is still uncertain, Grayscale Research believes these products will begin trading in the third quarter of 2024. Unless there is a significant change in the macroeconomic outlook, cryptocurrency valuations are expected to recover in the coming months.