Grayscale: Bitcoin Falls Below Long-Term Valuation on June 9, CLARITY Act and Leverage Could Decide Next Move

According to a June 9 research report from Grayscale Investments Head of Research Zach Pandl, Bitcoin is now trading below its long-term valuation average. Grayscale's composite onchain valuation indicator—which combines Net Unrealized Profit and Loss, Price/Cumulative Value Days Destroyed, and Market Cap/Thermo Cap metrics—shows BTC at a discount to historical norms, though not as deep as levels seen after the FTX collapse.

Grayscale identified two major catalysts that could shape Bitcoin's next move: progress on the U.S. CLARITY Act and whether leveraged traders can withstand current market pressure. The CLARITY Act, which passed the House in 2025 and advanced through the Senate Banking Committee in May, would establish federal market structure rules for digital assets. Pandl stated that Bitcoin's current valuation may offer long-term investors an attractive opportunity, though the firm stopped short of calling a definitive market bottom.