Wu Shuo learned that Zach Pandl, head of the Gray Research Department, released the latest analysis report. As the price of Bitcoin fell below $60,000 and hit a new low in this cycle, a series of on-chain valuation metrics indicated that BTC price is well below its long-term average, suggesting that Bitcoin is currently undervalued. Zach believes that due to the relatively mild performance of the previous bull market, coupled with the launch of ETP products and the deployment of wealth management platforms, institutional adoption has improved market structure, and the decline in this bear market may be shallower than in previous cycles. Regarding the future trend, Zach pointed out that two major catalysts should be watched: the progress of the Senate "Clarity Act" and whether leveraged Bitcoin holders can stabilize their balance sheets.