Grayscale's Altcoin Accumulation: Signals for the Next Crypto Rally?
Recent filings, product rebrands, and accumulation trends indicate that Grayscale Investments is expanding its focus to include altcoins like Chainlink (LINK), Zcash (ZEC), Stellar Lumens (XLM), and Filecoin (FIL). This move by the world's largest digital asset manager suggests a potential shift in institutional investment towards these specific altcoins beyond Bitcoin and Ethereum.
LINK: ETF Momentum and On-Chain Strength
Grayscale filed for a spot LINK ETF in the US in early September, seeking SEC approval to convert its existing Chainlink Trust into an exchange-traded fund listed on NYSE Arca under the ticker GLNK. The filing also included a potential staking component, with Coinbase Custody acting as custodian. This development coincides with Chainlink's notable resilience during periods of market uncertainty.
"$LINK has one of the cleanest macro setups out there. Watching yellow wave (b) into ~$47 as first key level. Clear break above that region could open the door to new cycle highs north of $100. The Chainlink chart has been more reliable than most altcoin charts." - More Crypto Online
Accumulation charts for LINK reflect steady buying pressure throughout 2024, with holdings increasing before price appreciation. This alignment between Grayscale's products and market action suggests that investors may already be benefiting.
ZEC: Privacy Bet Returns to Spotlight
Zcash (ZEC), a privacy-focused coin derived from Bitcoin's codebase, has seen renewed institutional interest. Grayscale has highlighted ZEC's zk-SNARKs technology as crucial for protecting transaction information amidst growing financial surveillance. Its Zcash Trust remains open for accredited investors, fostering speculation about wider adoption.
Following Grayscale's mentions, ZEC experienced a significant price surge, demonstrating the catalytic effect of institutional signals. Data indicates that Grayscale's ZEC holdings increased between January and August 2025, with the price following suit.
"If just 10% of offshore wealth goes into Zcash one $ZEC can be worth $62,893 a coin đź‘€" - Thor Torrens, former Special Assistant to POTUS.
On-chain data supports this bullish momentum, with analysts at Alphractal pointing to a rise in addresses holding substantial amounts of ZEC and positive market indicators.
XLM: From Trust to ETF
Stellar Lumens (XLM) has also benefited from Grayscale's strategic shift, drawing attention as Grayscale & 21Shares expand institutional access. Data reveals that Grayscale Investments' XLM holdings have increased, despite market volatility, suggesting confidence in the asset.
In January, Grayscale rebranded its Stellar Lumens Trust (GXLM) into an ETF, improving accessibility for institutional and retail investors. The ETF offers volume-weighted pricing, redemption mechanisms, and a NYSE Arca listing, all aimed at improving liquidity.
"Alongside Grayscale’s Digital Large Cap Fund (already holding ADA), this shows how fast Cardano is entering the same…" - Lucas Macchiavelli, Cardano ambassador
FIL: Accumulation Ahead of Recognition?
While LINK, ZEC, and XLM have seen rallies alongside accumulation, Filecoin (FIL) stands out. Grayscale's Filecoin Trust allows for exposure without the complexities of direct custody. Its Decentralized AI Fund, which includes assets like TAO, NEAR, RENDER, FIL, and GRT, showcases FIL's strategic position at the intersection of AI and decentralized storage.
Despite moderate price movement, holdings data indicate accumulation, hinting at early positioning by investors via Grayscale. With decentralized storage expected to grow alongside AI demand, FIL could be a future market leader.
Conclusion
Grayscale's expanding lineup and accumulation of LINK, ZEC, XLM, and FIL prior to broader market movements may shape and signal future altcoin trends. Investors should closely monitor these products and conduct their own research to identify altcoins poised for the next rally.
