Bitcoin’s bear market has lasted 10 months, nearing the 11-to-12-month average and median duration recorded across the previous four cyclical bear markets, according to Grayscale. Research head Zach Pandl said structural adoption remains intact and that the macro outlook is broadly supportive, potentially giving long-term investors reasons to consider entering the market, although Bitcoin could still decline. Grayscale attributed adoption growth to government deficits, expanding blockchain applications in financial services, and generational shifts in investor asset allocation. The main macro risks are real interest rates and Federal Reserve policy. The Federal Open Market Committee (FOMC), the Fed body that sets interest rates, held the federal funds rate at 3.5% to 3.75% in July. Further rate increases could weigh on Bitcoin, which briefly rose to $79,461 on Aug. 21 before falling back to about $77,000.