Grayscale Research Calls the Current Drawdown a Mid-Cycle Transition, Not a Crypto Winter

Grayscale Managing Director of Research Zach Pandl has rejected the crypto winter narrative following Bitcoin’s 45% drawdown, characterizing the recent price action as a macroeconomic de-risking process driven by global monetary conditions rather than any fundamental failure of digital assets, and maintaining a bullish outlook targeting new all-time highs in late 2026. source: https://www.ethnews.com/grayscale-research-calls-the-current-drawdown-a-mid-cycle-transition-not-a-crypto-winter/