Bits + Bips: Why Grayscale Sees ATHs Before Q3, With ETH Outperforming

The conversation centers on the interplay between regulatory developments, macroeconomic factors, and geopolitical events impacting the crypto market, particularly Bitcoin and Ethereum. Zach Pandl, Director of Research at Grayscale Investments, suggests that demand for alternative stores of value, driven by macro imbalances and dollar debasement, is a primary driver of capital flowing into crypto. He anticipates regulatory clarity, especially regarding the commodity and security status of tokens, will further boost the market, with Ethereum potentially outperforming due to its readiness for institutional adoption and staking capabilities within ETFs. Pandl also highlights the significance of Federal Reserve independence and its influence on inflation, linking geopolitical events like those in Venezuela to potential impacts on U.S. debt, bond issuance, and the broader macro environment. He estimates Bitcoin to reach a new all-time high in the first half of 2026.