An overview of Grayscale’s 21 crypto trust funds: Who is surging in the bull market and who is the market’s counter-index?

Original title: "Inventory of 21 Grayscale Crypto Trust Funds: Some have risen 10 times, some have been bearish all the way, and it is easy to step on the last train of the bull market and become a market counter-indicator?"

Original author: Frank, PANews

In the past six months, Grayscale has launched 6 more crypto trust funds. Among them, after August 1, SUI ushered in a wave of increases after Grayscale launched the trust fund, and for a time, the view that "Sui is the Solana killer" was very popular.

At present, Grayscale's crypto trusts have reached 21 (except BTC and ETH), and how much impact will Grayscale's launch of trust funds have on these crypto assets? PANews After summarizing, Grayscale's trust funds have a serious impact on token prices. They have a higher boosting effect on leading projects in popular tracks in the market, but have little impact on long-established currencies. At the same time, Grayscale's previous concentrated launch of crypto trusts seemed to coincide with the end of the bull market.

GDLC: Entering a bear market after launch

Launch time: February 1, 2018 Assets under management: US$480 million

GDLC (Grayscale Digital Large Cap Fund) is a basket of digital asset large-cap products launched by Grayscale. The current holdings include BTC, ETH, SOL, XRP, AVAX and other tokens. The plan was launched in February 2018, when the market was experiencing a decline from the historical high of 19891 to more than 7,000 US dollars. After Grayscale launched the product, the market entered a long period of consolidation and downward trend. The launch of this product does not seem to have brought much boost to the market.

ETC: Price surges after launch in recovery phase

Launch date: April 24, 2017 Assets under management: $210 million

After Grayscale launched its ETC product, the price of ETC has been rising. However, this rise seems to be earlier than Grayscale’s trust product. In April 2017, the entire crypto market was entering a recovery phase. ETC’s trust product was one of the first trust products launched by Grayscale.

BCH: Price fell by half after launch

Launch date: March 1, 2018 Assets under management: $120 million

The Grayscale Trust Fund does not seem to have much impact on the short-term market of BCH. When Grayscale launched the BCH Trust on March 1, 2018, the BCH market was at a high point. After the product was launched, the price fell all the way, and fell by about 53% in one month.

LTC: Falling 70% after the bull market turned to bear market

Launched on March 1, 2018 Assets under management: US$118 million

Grayscale also chose to launch the LTC Trust product after a sharp rise, but Grayscale's trust did not bring much impact to the LTC market. On March 1, 2018, LTC briefly rebounded by about 7%, and then began to fall a few days later. From $200 to $72

SOL: Launched after the historical high

Launch time: November 18, 2021 Assets under management: $69.87 million

When Grayscale launched SOL, it had just passed the previous high of $259 and began to decline. After Grayscale launched its trust product, the market rebounded briefly, but then the market fell all the way and entered a long bear market.

Zcash: A record high after launch

Launch time: October 24, 2017 Assets under management: $16.26 million

Since the launch of the news of its establishment, the highest increase in four days has reached 29.64%. After Grayscale launched the Zcash Trust, the market just entered the second half of the bull market, and the price soared all the way. Bitcoin rose to $19,891, and Zcash also rose all the way, creating a historical high of $799.

XLM: Bullish to bearish and falling all the way

Launched on December 6, 2018 Assets under management: $9.4 million

The market performed poorly after the launch, and the price of XLM was on a downward trend. The market reached its lowest point on December 16, and the price of Bitcoin fell to $3,215, and then began to rebound to nearly $14,000. However, the price trend of XLM continued to fall, and was not greatly stimulated by the launch of Grayscale's trust.

LINK: 124% increase

Launch time: February 26, 2021 Assets under management: US$9.39 million

As a trust product launched in the same batch as MANA, LINK's market performance is not as good as MANA. However, in the two and a half months after the launch of the trust, it also ushered in a 124% increase, which is better than other mainstream tokens in the same period.

MANA: Up 543% in January

Launch time: February 26, 2021 Assets under management: US$7.64 million

MANA has seen a large increase after Grayscale launched its trust product. Grayscale launched the MANA Trust on February 26, 2021, and MANA rose 543% in the following month. It became the most eye-catching investment target in the market at that time. However, the beginning of 2021 was the hot stage of the metaverse concept, and MANA was also the only metaverse product launched by Grayscale as a trust. At present, Grayscale's trust management assets still account for 1.45% of the total market value of MANA.

LPT: Soared nearly 10 times after launch

Launch time: March 10, 2021 Managed assets: US$6.9 million

Grayscale Trust has a more obvious market promotion effect on LPT. As a token variety that has not been launched for a long time, LPT has not been launched on exchanges such as Binance and OKX in March 2021. After Grayscale launched the LPT Trust on March 10, the price of LPT tokens ushered in a surge, from US$4.8 to US$40. While the market was in a high-level oscillation stage during the same period, LPT has walked out of an independent market.

FIL: Soared 3 times to a record high

Launch time: March 15, 2021 Assets under management: US$5.32 million

Grayscale has a significant market boost for FIL. After Grayscale launched the FIL trust product on March 15, 2021, the price of FIL soared by 19% the next day, and rose by 39% on March 17, reaching a record high of US$237 on April 1. However, the market was also in a bull market sentiment during the same period, with Bitcoin reaching US$60,000 for the first time. In addition, FIL's community promotion was in full swing at the time, and Grayscale's trust products may have stimulated the market with more of a strong endorsement.

ZEN: Bear market entry and downward trend

Launched: August 6, 2018 Assets under management: $4.9 million

When Grayscale launched the ZEN Trust, the market was in a volatile downward phase, so the trust product did not have much impact on the ZEN market. After the ZEN product was launched, the price of ZEN continued to fall from $21 to around $4. However, this decline was also formed in line with the trend of the market. Grayscale's ZEN Trust currently accounts for 3.86% of the total market value of ZEN.

BAT: Up to 273%

Launched: March 1, 2018 Assets under management: US$120 million

On the day when Grayscale BAT Trust was launched, BAT experienced a relatively violent shock, with an amplitude of 26% on the day and a fixed increase of 9.19%. However, BAT then ushered in a wave of strong growth, with the highest increase in 42 days reaching 273%, creating the second highest point of 1.54 so far. However, the overall market was in a frenzy at the time, and it was difficult to judge how much Grayscale's boost contributed to BAT's increase.

DEFG: A brief rebound

Launch date: July 14, 2021 Assets under management: US$3.34 million

DEFG is a basket of trust funds launched by Grayscale specifically for the DeFi market. It currently holds five tokens, including UNI, MKR, AACE, LDO, and SNX. Among them, UNI has the highest holding ratio, accounting for 50%. The product was established on July 14, 2021, just before the market rebounded after falling from a high level. Therefore, after the launch of DEFG, the related DeFi tokens have ushered in a short rebound, but the main momentum of these rebounds may still come from the overall market rather than Grayscale's boost.

Grayscale Smart Contract Platform Ex-Ethereum Fund: Rebound in a volatile market

Launch date: March 16, 2022 Assets under management: $3.14 million

Grayscale Smart Contract Platform Ex-Ethereum Fund only invests in native tokens of emerging smart contract platforms. Currently, its holdings include SOL, ADA, AVAX, and DOT, of which SOL accounts for 71.54%. Judging from the launch time, March 2022 is the first consolidation stage after the market fell, and the market is in a volatile period. After Grayscale launched the trust at this time, the market ushered in a one-month rebound.

STX: A short rebound after a long decline

Launch time: May 22, 2024 Assets under management: US$2.21 million

The price trend of STX in the past six months has been mainly downward. Even after Grayscale launched the corresponding crypto trust, it only saw a short rebound, and then the price continued to fall.

NEAR: The market does not seem to respond to Grayscale's trust

Launch time: May 22, 2024 Assets under management: US$1.96 million

Grayscale launched trust products for NEAR and STX at the same time, but the crypto market seems to no longer be enthusiastic about this. After the launch, the price of NEAR rebounded briefly by 11% and then began to decline.

TAO: The market is not buying it

Launch time: June 10, 2024 Assets under management: $1.5 million

TAO is one of Grayscale's latest crypto trusts, but the market does not seem to have reacted much to TAO. The overall trend remains in its original direction.

Grayscale Decentralized AI Fund: A rebound on the AI heat

Launch time: July 2, 2024 Assets under management: $1.09 million

Grayscale Decentralized AI Fund is Grayscale's first trust fund that invests only in native tokens of decentralized artificial intelligence protocols. Currently, it holds 5 tokens including FIL, NEAR, RNDR, LPT, and TAO. Among them, FIL accounts for the highest proportion of 33%, and NEAR 30%. The product was launched on July 2, 2024. After the launch of the product, tokens such as FIL and NEAR all ushered in a wave of bottoming out and rebounding. FIL rebounded 47%, NEAR rebounded 61%, and LPT rebounded 55% in this wave of market.

SUI: Multiple favorable factors stimulate short-term surge

Launch time: August 01, 2024 Assets under management: US$630,000

SUI's price trend ushered in a strong rebound in August. After Grayscale announced the launch of the trust product, the increase in one week exceeded 141%. However, there are many reasons why the market is optimistic about SUI as a whole. Grayscale's trust is just one of them, and it is difficult to be considered the main reason. (Related reading: A strong rebound of 140% in a single week, does Sui want to be the next "Solana"? )

MKR: A short-term rebound

Launch time: August 8, 2024 Assets under management: US$250,000

After the launch of MakerDAO's trust product, the market just ushered in a low rebound, and MKR also ushered in a 14% increase on the same day. However, it does not seem to have gone out of the independent market.

Grayscale Trust is always launched at the "tail of the bull"?

Grayscale's greatest impact on the crypto field was the bull market between 2020 and 2021, when Grayscale significantly increased the asset size of Bitcoin Trust and introduced a large number of institutional investors to the crypto field. Other tokens performed differently when Grayscale launched trust products. For example, FIL, MANA and other star tokens of the year were also the leading projects in various tracks. The price increase was the most obvious after Grayscale launched trust products. However, for old tokens such as LTC, ETC, and BCH, which have a large market value and have been launched for a long time, there is not much impact.

In addition, Grayscale launched crypto trust products in 2018, 2021, and 2024. Compared with the overall market, Grayscale previously launched crypto trusts at a stage close to the high point of the bull market or in the second half of the bull market. In 2018, it was concentrated from February to August, and the market had just turned from bull to bear and experienced a sharp decline. In 2021, it was concentrated from February to July, and the market experienced a high-level shock and decline, but it began to rise again in August to create a new high. However, the reason for this phenomenon does not seem to be because Grayscale misjudged the market, but more likely because Grayscale needs to confirm the market popularity and maturity of a token before launching related trust products, so the launch time coincides with the end of the bull market.

From May to August 2024, Grayscale will launch a series of crypto trusts. I wonder if this wave of Grayscale crypto trusts can break the previous “bull tail” cycle.

Original link