Bitcoin’s (CRYPTO: BTC) plunge around $61,000 has pushed on-chain valuation metrics into undervalued territory, though the asset remains more expensive than at prior cycle bottoms.

“Is BTC Cheap Yet?“

Zach Pandl, head of research at Grayscale wrote on June 9 that a range of on-chain indicators suggests Bitcoin is trading below its long-term fair value after falling to a new cycle low.

A composite valuation model combining three separate on-chain measures indicates Bitcoin is now undervalued relative to historical averages.

However, the signal is not as extreme as levels seen during major market capitulation events, including the collapse of crypto exchange FTX in 2022.

According to…

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