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Bitcoin has fallen nearly 50% from its record high, but VanEck and CryptoQuant see signs that the current bear cycle may be nearing a bottom.

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Restaked rewards did not supply operating cash, while asset sales, a divestiture and equity financing supported the quarter.

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Bitcoin trades near $62,900 heading into the weekend, having touched an intraday low of $62,538 on Aug. 14. That low effectively tested the $62,500 to $62,560 zone that has held as the floor of a five-week trading range between roughly $62,000 and $66,000.

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Mike Novogratz is highlighting the U.S. government's massive spending shortfalls as a key reason for his ongoing optimism on Bitcoin. He points to a $432 billion July deficit and ties rising debt to inflation pressures. The post US Fiscal Deficits Keep Galaxy Digital CEO Mike Novogratz Bullish on Bitcoin appeared first on The Daily Hodl.