Bitcoin reached its cycle low at roughly $58,000 on June 30, Grayscale Head of Research Zach Pandl said, adding that the asset manager has given clients a green light to increase digital-asset exposure. Pandl said Grayscale's three allocation criteria are now satisfied: the long-term structural trend, the market-cycle position and the macroeconomic backdrop. Bitcoin traded at $76,172, roughly 30% above the June low but about 39% below its record high of around $126,000. The recommendation follows the Senate defeat of the Clarity Act and the Federal Reserve's first rate hike in three years. Coinbase CEO Brian Armstrong made a similar assessment on Sept. 10, saying Bitcoin had bottomed and could trend higher for roughly two years into the next halving. Pandl also highlighted Zcash, which Grayscale has offered through an investment product for roughly nine years, as a privacy-focused asset addressing a gap in Bitcoin's transparent design. He said growing artificial-intelligence capabilities and greater exposure of personal data could strengthen the investment case for financial and personal privacy.