Looking at the asset holdings disclosed by Grayscale, the main holdings are all established altcoins, showing a strong consistency in technical structure, such as XRP, BCH, ZEC, LTC, ETC, XLM.

They share several very typical common features:
First, the 2021 cycle high point has not effectively broken through the 2017 historical high, remaining under long-term resistance at a large-scale top;
Second, after falling from the 2018 high point, they experienced a very long sideways consolidation, with a typical washout cycle exceeding 2,500 days, involving repeated reallocation of chips;
Third, during the extended oscillation period, price fluctuations gradually converge, forming a large-scale converging triangle pattern.
From the current progress, XRP and ZEC have already reached the end of the triangle, with prices initially testing the long-term resistance near the 2017 high, encountering resistance and pulling back, but not falling back to the bottom of the range, instead re-establishing above the 2021 high. This structure indicates that long-term suppression is being gradually digested, and the market is attempting to transition from long-term oscillation to trend selection.
Whether a true trend can emerge still depends on subsequent volume and fundamental confirmation, but from a purely technical perspective, ZEC and XRP have already entered trend phases, BCH and BAT are attempting to break through trend lines, and the only coins that haven't been heavily pumped are LTC and ETC. #2025Gate年度账单