grayscale

Grayscale Research Director Zach Pandl published an article on September 28, 2026, in the company's column The Stack. The article states that among American investors, Generation Z starts investing at an average age of 19, Millennials at 25, Generation X at 32, and Baby Boomers at 35. Based on a retirement age of 65, Generation Z has an investment horizon of 46 years, which is over 50% longer than the 30-year horizon when Baby Boomers started investing.Zach Pandl: Starting to invest earlier not only benefits from compound interest but also expands the capacity to take on risk. When young, labor capital accounts for a larger proportion of wealth, and a longer horizon means more time to recover from fluctuations, as well as more future income available for continued saving and investing, thereby expanding the lifetime risk budget. He believes that the returns on digital assets are both volatile and potentially asymmetric, making them more suitable for longer and more flexible horizons.Zach Pandl also mentioned that for early investors, the cost of recent volatility may be less than the opportunity cost of missing out on long-term upside. With decades available for rebalancing, adding funds, and compounding across cycles, early starters may allocate a higher proportion to digital assets while keeping their lifetime risk balanced. Starting to invest earlier gives investors more time to absorb fluctuations, potentially enhancing the utility of digital assets in long-term portfolios.

According to SoSoValue data, yesterday (Eastern Time October 2) the HYPE spot ETF had a total net inflow of 3.3709 million USD.Yesterday, only the Grayscale Hyperliquid Staking ETF (HYPG) had a net inflow, with a single-day net inflow of 3.3709 million USD, bringing the historical total net inflow to 153 million USD.As of the time of writing, the total net asset value of the HYPE spot ETF is 478 million USD, with a net asset ratio of 2.48%, and the historical cumulative net inflow has reached 346 million USD.

According to SoSoValue data, the total net inflow of Bitcoin spot ETFs is 103 million dollars.The Bitcoin spot ETF with the highest single-day net inflow is Blackrock ETF IBIT, with a single-day net inflow of 196 million dollars. Currently, IBIT's historical total net inflow has reached 65.574 billion dollars. The second is Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of 14.5904 million dollars. Currently, BTC's historical total net inflow has reached 2.979 billion dollars.The Bitcoin spot ETF with the highest single-day net outflow is Fidelity ETF FBTC, with a single-day net outflow of 60.7316 million dollars. Currently, FBTC's historical total net inflow has reached 10.866 billion dollars.As of the time of publication, the total net asset value of Bitcoin spot ETFs is 109.338 billion dollars, and the ETF net asset ratio (market value compared to the total market value of Bitcoin) is 6.43%. The historical cumulative net inflow has reached 57.598 billion dollars.

According to SoSoValue data, the total net outflow of Ethereum spot ETFs yesterday was $55.3727 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 $1.5463 million, and the total historical net inflow for ETH has reached $2.022 billion.The Ethereum spot ETF with the highest single-day net outflow was Fidelity ETF FETH, with a single-day net outflow of $23.5039 million, and the total historical net inflow for FETH has reached $2.364 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs was $17.714 billion, with an ETF net asset ratio (market cap as a percentage of total Ethereum market cap) of 5.38%, and the historical cumulative net inflow has reached $13.839 billion.

According to SoSoValue data, yesterday (Eastern Time October 1), the total net outflow of the SOL spot ETF was $5.9079 million.Among them, Grayscale Solana Trust (GSOL) had a net inflow of $5.3804 million in a single day, with a historical total net inflow of $170 million.Bitwise Solana Staking ETF (BSOL) had a net outflow of $6.5117 million in a single day, with a historical total net inflow of $1.218 billion.As of the time of writing, the total net asset value of the SOL spot ETF is $1.906 billion, with a net asset ratio of 2.74%, and the historical cumulative net inflow has reached $1.606 billion.

According to SoSoValue data, yesterday (Eastern Time September 30) the total net outflow of Ethereum spot ETFs was $59.5825 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was Fidelity ETF FETH, with a single-day net outflow of $26.6020 million. Currently, FETH has a historical total net inflow of $2.388 billion.The second was Grayscale Ethereum Trust ETF ETH, with a single-day net outflow of $25.4762 million. Currently, ETH has a historical total net inflow of $2.020 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs was $17.596 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 5.37%, and the historical cumulative net inflow has reached $13.895 billion.

According to GlobeNewswire, Grayscale's Zcash ETF (ZCSH) announced that it has completed the previously announced "3-for-1" share split, which took effect before the opening of the U.S. stock market, and the fund shares will trade based on the split-adjusted basis from that day onward.Grayscale stated that shareholders registered as of the close on September 28 will receive an additional 2 shares for every 1 share of ZCSH held before the split, meaning each share before the split will convert into 3 shares after the split. This split will not change the total value of shareholders' investments, and the net asset value (NAV) per share will be adjusted to approximately one-third of the pre-split amount.After the split, ZCSH continues to trade on NYSE Arca, with the trading code and CUSIP number remaining unchanged.

According to Onchain Lens monitoring, Grayscale Chainlink ETF purchased and received 159,500 LINK from Coinbase Prime 5 hours ago, worth 2.36 million dollars.This ETF has accumulated at least 629,100 LINK this month, worth 8.37 million dollars.

According to SoSoValue data, the net inflow of the SOL spot ETF during the last trading week (Eastern Time from September 21 to September 25) was $188 million.The SOL spot ETF with the highest net inflow last week was Bitwise ETF BSOL, with a weekly net inflow of $128 million, bringing the historical total net inflow of BSOL to $1.22 billion; followed by Grayscale SOL Trust GSOL, with a weekly net inflow of $28.0603 million, bringing the historical total net inflow of GSOL to $164 million.As of the time of writing, the total net asset value of the SOL spot ETF is $1.96 billion, with an ETF net asset ratio (market value as a percentage of total SOL market value) of 2.75%, and the historical cumulative net inflow has reached $1.61 billion.

On September 24, Zach Pandl, the research director of the cryptocurrency asset management company Grayscale, published an article in the column The Stack stating that in the wave of artificial intelligence, the demand and supply paths for the computing power required to train, run, and operate models are diverging. Grayscale believes that this imbalance favors owners of already powered and operational computing capacity and brings growth-oriented investment opportunities.Zach Pandl stated that digital demand can expand instantly, but physical infrastructure such as electricity, data centers, chips, memory, and cloud services takes years to approve, access, and build. When artificial intelligence agents perform multi-step tasks, they may consume 5 to 50 times more compute tokens than typical chatbot interactions, and increased application layer activity will transmit to the underlying computing infrastructure.The article cites data from the International Energy Agency and Lawrence Berkeley National Laboratory, stating that data centers are expected to account for about half of the growth in electricity demand in the United States by 2030, and new projects may take more than five years to connect to the grid. Even if electricity is secured, permits, specialized labor, electrical equipment, cooling systems, GPUs, high-bandwidth memory, and networks are still needed. Continuous value will flow to power producers, data center operators, and artificial intelligence cloud service providers that can convert electricity into computation.

According to Bitcoin.com, Grayscale's Zcash ETF (ZCSH) has reached a net asset size of 1 billion dollars, with a cumulative net inflow of 306.12 million dollars, accounting for less than 30%. The fund began trading on NYSE Arca on August 25, and its size exceeded 500 million dollars within two weeks.ZCSH was renamed from Grayscale Zcash Trust, which was established in October 2017 and already held ZEC at the time of listing; meanwhile, the price of ZEC has roughly doubled since the ETF's listing, driving the growth of the fund's asset size. Grayscale's parent group DCG International Investments exchanged approximately 100 million dollars worth of ZCSH shares for 85,705.32563297 ZEC, and after excluding this non-cash transaction, the external new funds amount to about 200 million dollars.Grayscale will implement a 3-for-1 forward split before the market opens on September 30, and holders registered as of the market close on September 28 will be subject to this arrangement. After the split, the net asset value per share is expected to drop to about one-third, the number of shares will increase threefold, and the dollar value of the holdings will remain unchanged.

Grayscale's research director Zach Pandl pointed out that the recent "Innovation Exemption" directive issued by the U.S. Securities and Exchange Commission (SEC) is expected to fundamentally change the previous landscape where tokenized U.S. stocks primarily relied on offshore "packaged derivatives" trading, promoting the inclusion of real tokenized stocks with complete shareholder voting rights and dividend rights into the regulated financial system of the United States.This exemption order is valid for 5 years and specifically relaxes two core registration requirements: qualified tokenized trading venues do not need to register as traditional stock exchanges; qualified liquidity providers do not need to register as broker-dealers.Grayscale believes that this marks a significant step as on-chain trading infrastructure is proving to be fully compatible with regulatory compliance and investor protection, and it is expected to drive Congress to advance a broader bipartisan legislative process in the future.

The derivatives exchange CME Group announced that after regulatory approval, it will launch Bitcoin Cash (BCH) and Uniswap futures on October 19. The standard contract for BCH corresponds to 250 BCH, while the micro contract corresponds to 25 BCH.After the news was released, BCH surged by 30%, breaking through $340 and briefly touching $358, with a weekly increase exceeding 50% at one point. Bitcoin SV (BSV) also rose by about 20%, nearing its yearly high of $21; Bitcoin fell back to around $84,000 on Wednesday. Digital asset management company Grayscale has applied to convert its Bitcoin Cash Trust into a spot ETF listed on NYSE Arca.

According to Grayscale's official announcement, it has renamed its Grayscale Bitcoin Miners ETF to Grayscale AI Compute ETF, with the New York Stock Exchange trading code changed from MNRS to GCPU, and the tracking index changed from the Indxx Bitcoin Miners Index to the Indxx High-Performance Computing Index.The fund will invest in companies that build and operate AI infrastructure, with about half of the holdings in native AI computing companies, and the remainder in digital infrastructure operators that have publicly committed to transitioning to AI businesses, including companies that have transitioned from Bitcoin mining.

According to SoSoValue data, during the last trading week (Eastern Time from September 14 to September 18), the Ethereum spot ETF experienced a net outflow of $140 million. The Ethereum spot ETF with the highest net outflow last week was Blackrock ETF ETHA, with a weekly net outflow of $56.0456 million, and the historical total net inflow for ETHA has reached $12.96 billion; followed by Bitwise ETF ETHW, with a weekly net outflow of $33.0821 million, and the historical total net inflow for ETHW has reached $394 million.The Ethereum spot ETF with the highest net inflow last week was Grayscale Ethereum Trust ETH, with a weekly net inflow of $16.2324 million, and the historical total net inflow for ETH has reached $1.93 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $16.72 billion, with an ETF net asset ratio (the market value as a percentage of Ethereum's total market value) reaching 5.2%, and the historical cumulative net inflow has reached $13.25 billion.

Grayscale Zcash ETF (ZCSH) is applying for a 3-for-1 forward split, which is expected to take effect on September 28. This move aims to lower the share price to enhance liquidity, as the fund's price had become too high due to significant increases.

According to The Wall Street Journal, the Zcash ETF (ticker: ZCSH) launched by Grayscale announced a 3-for-1 forward share split for the fund. This split will not change the total value of shareholders' investments.

The asset management company Grayscale's crypto research team stated that the Federal Reserve's interest rate hike on Wednesday is unlikely to impact Bitcoin prices. Grayscale's research director Zach Pandl wrote in a report on Thursday: "We believe yesterday's action is a mid-cycle adjustment rather than a cyclical change. We doubt that the one or two rate hikes expected in 2026 will lead to significant changes in capital allocation."Pandl added that when the Federal Reserve began raising interest rates in 2022 to curb inflation, it "may have put pressure on Bitcoin prices," as this "significantly affected the opportunity cost of holding non-yielding assets." However, he believes this situation is more akin to 1997, when the Federal Reserve made a one-time rate hike while the Nasdaq index continued to rise.The Federal Reserve raised interest rates for the first time since 2023 on Wednesday, causing Bitcoin prices to fluctuate sharply before stabilizing, with a slight increase of about 1% within 24 hours. Bitcoin prices recently approached $76,581, rising 18% over the past 30 days. Federal Reserve Chairman Kevin Warsh stated that the central bank is focused on reducing inflation. U.S. President Trump expressed on his Truth Social platform that U.S. interest rates should be 1% or lower.

According to The Block, Grayscale's research director Zach Pandl stated that the approximately $58,000 low reached around June 30 remains his assessment of the bottom of the current bear market phase, and Grayscale is currently advising clients to allocate Bitcoin.Pandl mentioned in an interview with The Block during the Avalanche summit in New York that they have maintained the view that $58,000 is the bottom of this bear market phase for the past few months. This assessment echoes the comments made by Coinbase CEO Brian Armstrong, who stated on September 10 that Bitcoin has bottomed out in the current cycle and expects a sustained upward trend for the next two years.Pandl stated that Grayscale uses a three-part framework to assess whether clients should allocate Bitcoin, including long-term structural trends, market cycle phases, and macro context. He believes that all three conditions are currently met, thus giving clients the "green light" to allocate Bitcoin. As of Thursday morning, Bitcoin was above $76,000, up 0.8% in 24 hours, but still down about 39% from its historical high of approximately $126,000.Pandl also compared Bitcoin with Zcash, noting that Grayscale has offered investment products for Zcash for about nine years. He believes that Zcash occupies an "underutilized and unexplored design space," rather than directly competing with Bitcoin, and pointed out that as artificial intelligence becomes more powerful, privacy issues are receiving more attention, with Zcash providing investors a way to express their views on personal and financial privacy.