Grayscale "Expectations for a Q4 digital asset rally… U.S. Clarity Act and altcoin ETFs in focus"

Global asset manager Grayscale forecasted that a new upward driver could emerge in the digital asset (cryptocurrency) market in Q4 this year. It said that a U.S. market-structure bill (the Clarity Act) and a trend of altcoin ETF approvals by the U.S. Securities and Exchange Commission (SEC) could serve as catalysts.

On the 27th (local time), according to crypto-focused media Coindoo, Grayscale said in a recent research report that "legislative progress, ETF approvals, and expanded institutional adoption will shape the market's trajectory not only in Q4 but into next year," and diagnosed that "these factors are likely to act as short-term catalysts." It explained that optimism has been spreading as the SEC recently approved a multi-asset fund holding Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA).

The report also assessed that digital assets could become more attractive investments in tandem with the U.S. central bank (Fed)'s interest-rate cut stance. However, it pointed out that, compared with traditional assets such as gold and stocks, reaching new all-time highs is still delayed, and increased stablecoin outflows from exchanges have been identified as a factor constraining upward momentum.

The report evaluated that "although Bitcoin exceeded $120,000 in Q3, the extent of the rally was limited; meanwhile, the passage of stablecoin legislation and increased trading volume on centralized exchanges drove demand for altcoins, creating a distinctive rotation." It explained that this is a pattern different from the traditional altcoin rally caused simply by a decline in Bitcoin dominance.