灰階效應：灰階精心挑選的加密貨幣在投資報酬率表現如何？

近段時間，隨著SUI、ZEN等幣價的飆升，「灰階效應」再度出現，灰階持有量成為市場投資指標之一。

Grayscale's holdings have become one of the market investment indicators. But how do Grayscale's carefully selected crypto tokens perform in terms of return on investment?

灰階的持股已成為市場投資指標之一。但灰階精心挑選的加密代幣在投資回報上表現如何？

PANews reviewed the market performance of the 14 tokens involved in the crypto trust fund launched by Grayscale during the last bull market cycle, from March 2021 to March 2022.

PANews 回顧了 Grayscale 推出的加密貨幣信託基金涉及的 14 種代幣在上一個牛市週期（2021 年 3 月至 2022 年 3 月）的市場表現。

The average rate of return exceeds 200%, and the market cycle has a significant impact

平均殖利率超過200%，市場週期影響顯著

During the last bull market, Grayscale launched 14 cryptocurrency trust products through the over-the-counter market, DeFi fund DEFG and GSCPxE fund. These products were launched one after another in about a year. Judging from the time of product launch, Grayscale began to launch related token funds in the early stage of the bull market, and began to accelerate the layout frequency in the middle and late stages.

上一次多頭期間，灰階透過場外市場推出了14種加密貨幣信託產品、DeFi基金DEFG和GSCPxE基金。這些產品在一年左右的時間內陸續推出。從產品推出的時間來看，灰階在多頭初期就開始推出相關代幣基金，並在中後期開始加快佈局頻率。

From the perspective of the length of time required for investment to generate returns, the average period for the 14 tokens to reach a new high is 84.4 days, among which BAT, MANA and LPT require a longer period, basically exceeding 250 days, but the rate of return is also relatively high; while SOL, FIL, AVAX and DOT reached new highs in a shorter period of time, but their gains were relatively limited, and this period was in the market adjustment period after Bitcoin reached a new high. In addition to indicating that under normal circumstances, the longer the investment period during the bull market, the more advantageous the holding rate of return, this phenomenon is also related to the time of product launch. In the past, the rising cycle of the sector showed that most public chains were the first wave of rising targets in the bull market. Most of these projects launched by Grayscale achieved good gains in the early stage, resulting in limited room for later growth.

從投資產生報酬所需的時間長短來看，14種代幣創出新高的平均週期為84.4天，其中BAT、MANA和LPT需要的週期較長，基本上超過250天，但報酬率也比較高；而SOL、FIL、AVAX、DOT則在較短的時間內創出新高，但漲幅相對有限，且這段期間正處於比特幣創出新高後的市場調整期。除了說明正常情況下，多頭時投資期間越長，持有收益率越有優勢外，這種現像也與產品上市時間有關。過去產業的上漲週期表明，大多數公鏈都是牛市中的第一波上漲標的。灰階推出的這些項目大多前期取得了不錯的收益，導致後期成長空間有限。

However, this difference is also affected to some extent by changes in the market cycle. Specifically, the average increase of the token funds launched by Grayscale in the early bull market in the first half of 2021 was 446.8%; in the middle of the bull market from April to November 2021, the increase dropped to 85.4%; by March 2022, when the crypto market was in a correction period, the increase of the tokens launched was only 40.3%. It can be seen that Grayscale's return on investment is greatly affected by market cycle fluctuations and shows obvious cyclical characteristics.

但這種差異也在一定程度上受到市場週期變化的影響。具體來看，灰階推出的代幣基金在2021年上半年牛市初期的平均漲幅為446.8%； 2021年4月至11月多頭中期，漲幅回落至85.4%；到2022年3月，當加密市場處於調整期時，發行的代幣漲幅僅40.3%。可見，灰階的投資報酬率受市場週期波動影響較大，呈現明顯的周期性特徵。

From this point of view, although Grayscale's cryptocurrency trust products provided considerable returns during the bull market, their performance was significantly affected by market fluctuations. Therefore, investors should fully consider the overall market trend when making investment decisions.

由此來看，灰階的加密貨幣信託產品雖然在多頭市場期間提供了可觀的回報，但其表現受到市場波動的影響較大。因此，投資者在做出投資決策時應充分考慮市場整體走勢。

Participate in multiple explosive token layouts to expand the scope of investment products

參與多個爆款代幣佈局，擴大投資產品範圍

Recently, the prices of multiple tokens have performed strongly, and Grayscale’s layout may play an important role in driving market trends.

近期多個代幣價格表現強勁，灰階的佈局或將對市場趨勢起到重要推動作用。

For example, XRP, whose price broke through a multi-year high some time ago. In September this year, Grayscale announced that it would re-launch the first US XRP Trust Fund and officially open it to qualified investors in the near future. You should know that as early as January 2021, Grayscale withdrew from the XRP Trust and liquidated its tokens due to Ripple's legal dispute. This shift was also interpreted by the outside world as paving the way for a potential XRP spot ETF, and the price of XRP continued to rise in the following months, which may indicate the market's positive response to Grayscale's move.

例如XRP，前段時間其價格突破了多年高點。今年9月，灰階宣布將重新推出首支美國XRP信託基金，並於近期正式開放給合格投資人。要知道，早在 2021 年 1 月，Grayscale 就因 Ripple 的法律糾紛退出了 XRP 信託並清算了其代幣。這一轉變也被外界解讀為潛在的XRP現貨ETF鋪平了道路，而XRP的價格在接下來的幾個月中持續上漲，這可能表明市場對灰度此舉的積極反應。

The price of SUI has also performed very strongly in the past few months. A few months ago, Grayscale updated its investment strategy and announced the top 20 tokens that are expected to rise sharply by the end of 2024, including the addition of 6 new tokens such as SUI and TAO. At the same time, Grayscale also started the investment layout of SUI, announcing in August this year that it will launch GrayscaleSuiTrust, which will be officially opened to qualified investors in the A few months ago, Grayscale updated its investment strategy and announced the top 20 tokens that are expected to rise sharply by the end of 2024, including the addition of 6 new tokens such as SUI and TAO. At the same time, Grayscale also started the investment layout of SUI, announcing in August this year that it will launch GrayscaleSuiTrust, which will be officially opened to qualified investors in the near future.

SUI的價格在過去幾個月也表現非常強勁。幾個月前，灰階更新了投資策略，公佈了預計2024年底大幅上漲的前20個代幣，其中新增了SUI、TAO等6個新代幣。同時，灰階也開始了SUI的投資佈局，今年8月宣布將推出GrayscaleSuiTrust，將於2019年正式向合格投資者開放。 。同時，灰階也開始了SUI的投資佈局，今年8月宣布將推出GrayscaleSuiTrust，並將於近期正式向合格投資者開放。

Another token worth noting is ZEN, which has also seen a gratifying rise in price recently, with a 30-day increase of about 215%. After recently increasing its holdings of ZEN tokens, Grayscale also announced that it had submitted Grayscale Horizen Trust (ZEN) 8-K form to the SEC, allowing investors to gain exposure

另一個值得注意的代幣是ZEN，近期其價格也出現了可喜的上漲，30天漲幅約215%。在最近增持 ZEN 代幣後，灰階也宣布已向 SEC 提交灰階 Horizen Trust (ZEN) 8-K 表格，允許投資者獲得風險敞口