🥲 Bitcoin's Cheap Now, But There Is A Catch...

Bitcoin ETFs don't agree, but this might be an opportunity.

Author

Ivan
June 10, 2026

Happy Wednesday!

Bitcoin is trading like a dumpster fire, but that may be an opportunity, according to Grayscale. BTC is cheap now, but there is a catch…

Bitcoin ETFs are bleeding assets and have sold all the inventory they onboarded after the Trump election victory. What’s going on there?

Plus, this Friday, Elon rings the bell on what's set to be the biggest IPO in history. Pre-IPO shares went to hedge funds and Silicon Valley insiders. But we found 8 little-known tickers with major SpaceX exposure — giving everyday investors a seat at the table before Main Street piles in.

TOP STORY

Bitcoin at $61,000 has pushed on-chain valuation metrics into undervalued territory — but Grayscale's Zach Pandl says "cheap" comes with an asterisk.

A composite model combining three separate on-chain measures shows Bitcoin trading below long-term fair value, though the signal is nowhere near as extreme as the FTX collapse capitulation of 2022.

The current drawdown looks less severe than prior bear markets, Pandl argues, because the preceding bull cycle was more moderate and structural improvements have raised the floor.

Two catalysts will determine whether the bottom is actually in: CLARITY Act progress in Congress, where prediction markets still show an uncertain outcome, and whether highly leveraged Bitcoin holders can stabilize their balance sheets without forced selling cascading through the market.

SPECIAL OFFER

On Friday, Elon rings the bell on what's set to be the biggest IPO in history.

Pre-IPO shares went to hedge funds and Silicon Valley insiders. But we found 8 little-known tickers with major SpaceX exposure — giving everyday investors a seat at the table before Main Street piles in.

QUICK N DIRTY

Bitcoin went as low as $61,000 in early trading hours today and everybody is wondering: where is the bottom on this thing?

XRP ETFs have pulled in millions since their launch but XRP is still down over 50% in a year. What is going on there?

Cardano’s founder said only a few days ago that he’s taking a break. Now he’s back — and saying Cardano will overtake Bitcoin.

FINTECH FOCUS

Bitcoin ETF net assets crashed to $77.58 billion — the lowest since Election Day — erasing every gain made after Trump's 2024 win despite the most crypto-friendly regulatory environment in U.S. history.

Total net assets peaked at $169.54 billion in October 2025 and have shed more than half, cumulative inflows have dropped nearly $9 billion from their $62.77 billion peak, and four weeks of outflows now total over $5 billion.

The SEC dropped enforcement actions, the U.S. established a Strategic Bitcoin Reserve, and the CLARITY Act is advancing — none of it stopped the bleeding.

Analysts point to macro instead: elevated inflation keeping the Fed hawkish, and AI stocks, SpaceX, and high-profile growth stories competing directly for the same capital…

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Ring The Bell: Created for market enthusiasts by market enthusiasts, this daily newsletter delivers top stories, fast movers and hot trade ideas straight to your inbox. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.