On July 2, the grey release research team (Grayscale Research) published a document saying that the bitcoin and crypto markets were under pressure in June due to multi-party selling pressure, but the asset fundamentals did not change much. Grayscale Research expects spot Ethereum exchange-traded products (ETPs) to begin trading in the third quarter of 2024. Without a major shift in the macroeconomic outlook, Grayscale Research expects cryptocurrency valuations to recover in the coming months. In June, selling pressure on Bitcoin came from multiple sources such as the Mt. Gox bankruptcy legacy, the German government liquidation, the US government sale, and the reduction of bitcoin miners. Meanwhile, Microstrategy bought nearly 12,000 bitcoins in mid-June, which may have supported the price. Although short-term liquidity has affected bitcoin prices, grey release does not see significant changes in asset fundamentals. Grayscale Research is optimistic about the outlook for cryptocurrency valuations for the remainder of the year, arguing that the macro backdrop remains supportive of the crypto asset class.