Crypto has not been this cheap relative to its long-term trend since 2010, according to Benjamin Cowen. Still, the Into The Cryptoverse founder warns that the bottom is not in yet.

Cowen, a member of BeInCrypto’s Markets Intelligence Council, expects one more leg down in the third quarter. He points to midterm-year seasonality and rising bond yields as the likely triggers.

Crypto is 62% Below Fair Value, the Cheapest Since 2010

In two new videos, Cowen measured the total crypto market cap against his logarithmic regression trendline. The gap has never been wider in the asset class’s tradable history.

The total market cap stood at $2.152 trillion on July 31. Meanwhile, the model’s fair value sat at $5.737 trillion, leaving crypto…