grayscale

Asset management company Grayscale reported that the privacy cryptocurrency Zcash celebrates its tenth anniversary this week. The report states that Zcash's ability to continuously innovate partly stems from allocating 20% of block rewards for developer funding, with the protocol evolving from the Sprout pool to Sapling and Orchard.Launched in 2026, the Ironwood pool adds quantum-resistant addresses and formal verification to address code vulnerabilities. Grayscale expressed hope and expectation that Zcash will continue to expand transaction capacity and prepare for post-quantum era and AI-driven cybersecurity risks, which may require ongoing funding from multiple parties and efficient allocation.

According to Rootdata, on October 21, 2026 (Eastern Time), the total net inflow of Ethereum spot ETFs for the day was $14.9 million.The Ethereum spot ETF with the highest net inflow for the day was Grayscale Ethereum Trust ETF ETH, with a net inflow of $28.1 million.Following that was Fidelity ETF FETH, with a net inflow of $13 million.

Grayscale announced two lists of the top ten cryptocurrency asset returns. In terms of token holder returns, HYPE, LIT, and CAKE ranked first, second, and third with returns of 8.0%, 7.9%, and 2.6%, respectively, followed by AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV.In terms of adjusted profit returns, CAKE, LIT, and HYPE ranked first, second, and third with returns of 14.4%, 14.1%, and 9.8%, respectively, followed by RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE. Grayscale stated that many cryptocurrency assets can be valued based on cash flow, profitability, and capital returned to token holders, without relying solely on narratives.

According to SoSoValue data, yesterday (Eastern Time October 21), the total net inflow of Ethereum spot ETFs was $14.955 million, turning into a net inflow after five consecutive days of net outflows.The Ethereum spot ETF with the highest single-day net inflow yesterday was Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $28.0693 million, bringing the historical total net inflow of ETH to $2.039 billion. The second was Fidelity ETF FETH, with a single-day net inflow of $13.0333 million, currently having a historical total net inflow of $2.355 billion.The Ethereum spot ETF with the highest single-day net outflow yesterday was Blackrock ETF ETHA, with a single-day net outflow of $29.3239 million, currently having a historical total net inflow of $12.336 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $15.358 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 5.05%, and the historical cumulative net inflow has reached $12.825 billion.

Grayscale announced the launch of an in-kind investing mechanism, allowing investors to directly deliver eligible digital assets in exchange for shares of Grayscale's products. Grayscale stated that this mechanism is expected to alleviate the burden of self-custody of assets for investors, reduce potential trading execution costs, and make digital assets easier to incorporate into traditional portfolio management.Currently, this mechanism covers 10 products, including Bitcoin Mini Trust ETF (BTC), Ethereum Staking Mini ETF (ETH), Avalanche Staking ETF (GAVA), Chainlink Trust ETF (GLNK), Dogecoin Trust ETF (GDOG), Hyperliquid Staking ETF (HYPG), Solana Staking ETF (GSOL), Sui Staking ETF (GSUI), XRP Trust ETF (GXRP), and Zcash ETF (ZCSH).

According to SoSoValue data, the total net outflow of Ethereum spot ETFs is $26.1343 million. The Ethereum spot ETF with the highest single-day net inflow is Fidelity ETF FETH, with a single-day net inflow of $3.6318 million, and the historical total net inflow of FETH has reached $2.342 billion. The second is Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $3.2522 million, and the historical total net inflow of ETH has reached $2.011 billion.The Ethereum spot ETF with the highest single-day net outflow is Blackrock ETF ETHA, with a single-day net outflow of $33.0183 million, and the historical total net inflow of ETHA has reached $12.365 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs is $14.975 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 5.01%, with a historical cumulative net inflow of $12.81 billion.

Grayscale Research Director Zach Pandl stated in "The Stack" published on October 20, 2026: AI computing infrastructure stocks have recently declined due to investors' concerns about rising borrowing costs, while the financing needs of related companies are high. The stock index, which includes AI cloud service providers CoreWeave and Nebius, has fallen by approximately 27% since the end of September, according to data from Bloomberg and Grayscale Investments, based on the Indxx High-Performance Computing Index, as of October 19, 2026.Pandl noted: Most of these companies are in early stages and capital-intensive, with some neocloud capital expenditures being several times their current revenue. The top five holdings in the index have a capital expenditure to sales ratio exceeding 230% over the past 12 months, with data as of October 19, 2026. He believes that while stock prices are correcting, the demand and prices for computing power remain stable, with demand for computing power increasing rather than decreasing.He also anticipates: The decline in token prices and the increase in AI agent usage will lead to higher inference demand, thereby supporting the growth of computing power demand; if demand increases and computing power prices remain high, these companies may benefit. He also mentioned the slowdown in GPU depreciation, as well as the overlap between AI computing power and the Bitcoin mining industry, with the possibility of rising Bitcoin prices. Pandl believes: Higher borrowing costs have suppressed computing infrastructure stocks, but the fundamental trend of rising computing power demand remains valid, and this correction should be seen as an opportunity to increase exposure to the energized compute layer.

Cryptocurrency asset management company Grayscale posted on X: Bitcoin's volatility has decreased over the past decade as the asset has matured, with relevant background including deeper liquidity, institutional participation, and regulation.Grayscale stated that over the past year, Bitcoin's volatility has dropped to 43%, down from 81% five years ago, and is now within the volatility range of S&P 500 constituents. The company also mentioned that for investors who are already accustomed to holding highly volatile stocks, Bitcoin's price fluctuations may not be as daunting as previously assumed.

According to on-chain analysis platform Arkham, Grayscale's HYPG has net purchased 7.8 million dollars of HYPE in the past 20 days, during which there were 3 days of capital inflow.During the same period, THYP recorded a capital outflow of 20.9 million dollars. The current price of HYPE is 79.38 dollars.

Grayscale announced a partnership with the investment platform Republic to offer Grayscale's investment products to qualified investors, including the Grayscale DeFi Fund, Grayscale Decentralized AI Fund, and Grayscale Data Network Trust.Among them, the DeFi Fund covers tokens such as UNI, AAVE, ONDO, ENA, CRV, and LDO; the Decentralized AI Fund covers tokens such as NEAR, TAO, RENDER, and FIL; the Data Network Trust provides investment exposure to the native token DATA of the DATA Network.

According to SoSoValue data, on October 14, Eastern Time, the total net outflow of Ethereum spot ETFs was $130 million. The Ethereum spot ETF with the highest net outflow in a single day was Blackrock ETF ETHA, with a net outflow of $110 million. Currently, the historical total net inflow of ETHA has reached $12.608 billion.The second highest was Grayscale Ethereum Trust ETF ETH, with a net outflow of $18.758 million in a single day. Currently, the historical total net inflow of ETH has reached $2.007 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs was $15.202 billion, and the ETF net asset ratio (market value as a percentage of Ethereum's total market value) reached 5.15%. The historical cumulative net inflow has reached $13.07 billion.

According to SoSoValue data, the total net inflow of Ethereum spot ETFs yesterday was $24.8394 million. The Ethereum spot ETF with the highest single-day net inflow was Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $16.7278 million. Currently, the historical total net inflow of ETH has reached $2.026 billion.Next is Fidelity ETF FETH, with a single-day net inflow of $8.1117 million. Currently, the historical total net inflow of FETH has reached $2.342 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs is $15.827 billion, and the ETF net asset ratio (the market value as a percentage of Ethereum's total market value) is 5.16%. The historical cumulative net inflow has reached $13.199 billion.

According to monitoring by Arkham, Grayscale's GSOL has accumulated $20.2 million in SOL over the past 20 days, with only 1 day of outflows during this period.In addition, VanEck's VSOL sold $700,000 in SOL yesterday, while Grayscale did not make any sales yesterday.

According to SoSoValue data, on October 12, Eastern Time, the total net outflow of Ethereum spot ETFs was $85.3954 million. The Ethereum spot ETF with the highest single-day net outflow was Blackrock ETF ETHA, with a single-day net outflow of $75.0682 million. Currently, the historical total net inflow of ETHA has reached $12.718 billion.The second was Grayscale Ethereum Trust ETF ETH, with a single-day net outflow of $10.3272 million. Currently, the historical total net inflow of ETH has reached $2.009 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs was $15.858 billion, and the ETF net asset ratio (the market value relative to the total market value of Ethereum) reached 5.15%, with a historical cumulative net inflow of $13.174 billion.

Grayscale's Research Director Zach Pandl stated in his column The Stack on October 8 that the rising demand for AI is due to decreasing usage costs and technology's ability to perform tasks more autonomously, thereby increasing the demand for computing power and the physical infrastructure that supports AI. Lower costs can unleash more AI activities, and the low-cost competition of open-source weight models is driving down token prices, making cheaper intelligence economically viable for more applications and automated workflows.The article cites that Anthropic's latest Sonnet model claims to reduce the cost of each task by up to 30%; OpenAI's always-on agent dots, launched on September 29, can work towards user goals around the clock, potentially significantly increasing the demand for computing power. Pandl compares that chatbots primarily answer questions, while agents execute multi-step processes to achieve goals, with tasks like preparing for client meetings potentially consuming 5 to 50 times the tokens of a single chat interaction, and always-on agents may extend processing beyond a single conversation.Pandl cites Goldman Sachs' prediction that by 2030, token consumption could increase 24 times, primarily driven by agents; even with improved efficiency, if usage grows faster, the total demand for computing power may still rise. He points out that digital activities still rely on physical infrastructure that requires time to deliver, such as electricity, data centers, and GPUs, and cheaper AI can coexist with tight computing power supply, mentioning that CoreWeave recently signed new contracts at higher computing power prices. His conclusion is that cheaper intelligence and stronger agents may expand use cases and usage enough to offset efficiency gains, thereby supporting the demand for scarce computing power and benefiting its owners.

According to on-chain intelligence platform Arkham, Grayscale's mini ETH ETF has accumulated $103.3 million in ETH purchases over the past 20 days, while its older product, the ETHE fund, recorded an outflow of $71.6 million during the same period. The market generally believes this is an internal rotation of funds from ETHE to the mini fund.Considering the net flow of both products, Grayscale's clients have net bought approximately $31.7 million in ETH during this period.

According to Arkham data, at 21:16 Beijing time, the Grayscale Bitcoin Trust (GBTC) address transferred 100.41 BTC to the Coinbase Prime deposit address, worth approximately 8.33 million dollars.

According to SoSoValue data, the total net outflow of Ethereum spot ETFs is $161 million. The Ethereum spot ETF with the highest single-day net outflow is Blackrock ETF ETHA, with a single-day net outflow of $116 million. Currently, the historical total net inflow of ETHA has reached $12.92 billion.The second is Grayscale Ethereum Trust ETF ETHE, with a single-day net outflow of $25.76 million. Currently, the historical total net outflow of ETHE has reached $5.467 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs is $16.402 billion, and the ETF net asset ratio (the market value as a percentage of Ethereum's total market value) is 5.22%. The historical cumulative net inflow has reached $13.389 billion.

According to Crowdfund Insider, Grayscale's research director Zach Pandl pointed out in the latest research report that by September 2026, the AI-related cryptocurrency asset sector will rise by 54%, significantly outperforming the overall cryptocurrency market, which is expected to rise by 24% during the same period, making it the strongest category among the six cryptocurrency asset sectors defined by Grayscale.

Grayscale's research director Zach Pandl stated that over the past three years, Bitcoin's cumulative return rate was approximately 225%, while the Nasdaq index's return rate was 109%. However, Bitcoin's rise was not evenly distributed, with a few of the strongest trading days contributing significantly to long-term returns, increasing the difficulty for investors to time their entry.Data shows that if the five best trading days for Bitcoin are excluded, its three-year cumulative return rate would drop from 225% to 95%; excluding the best ten trading days, the return rate falls to 27%; and if the best fifteen trading days are missed, the three-year return would turn into a loss of 11%. In contrast, the return distribution of the Nasdaq is more balanced; after excluding the best fifteen trading days, the cumulative return rate drops from 109% to 21%.Grayscale indicated that during this period, less than 0.5% of trading days contributed enough gains that, when excluded, would reduce Bitcoin's cumulative return by more than half. For assets with high return and high volatility characteristics, staying out also carries an opportunity cost; since the best trading days are difficult to predict reliably, waiting for volatility to decrease or for market prospects to become clearer may mean that some price re-evaluations have already been completed.