ZEN Rises for 3 Consecutive Days, Can "Grayscale Exclusive" Buy Alongside?

By: blockbeats|2024/12/23 15:15:02

Original Article Title: "ZEN Sees 3-Day Consecutive Gains, Can Grayscale Trust Holdings Follow the Buy Signal?"

Original Article Link: shaofaye123, Foresight News

Recently, Grayscale has successively launched the Optimism Trust Fund and the Lido Trust Fund. Despite a temporary pullback, assets in the trust funds, including SUI and ZEN, have continued to rise. Are Grayscale's trust funds truly a collection of blue-chip tokens, and are they profitable in the long term? This article takes you through an overview of the 26 crypto trusts currently offered by Grayscale and their investment returns.

Grayscale Crypto Trust Overview

Grayscale is a digital asset management company established in 2013, primarily offering various cryptocurrency trust funds aimed at providing investors with a legitimate, regulated investment channel. As one of the world's largest cryptocurrency asset management firms, it manages billions of dollars in assets. To date, Grayscale has launched 26 crypto trusts.

Grayscale Trust Funds are a series of cryptocurrency investment products provided by Grayscale, allowing investors to indirectly hold cryptocurrencies such as Bitcoin and Ethereum without the need to directly purchase and manage the assets. Each trust fund is pegged to a specific cryptocurrency, such as the Grayscale Bitcoin Trust Fund (GBTC) and the Grayscale Ethereum Trust Fund (ETHE). Through these trust funds, investors can buy and sell shares of cryptocurrency on the public market akin to investing in traditional stocks.

ZEN Rises for 3 Consecutive Days, Can

In addition to single-currency trust funds, Grayscale's combination funds of various coins also hold significant investment reference value. The crypto trusts under Grayscale currently go through three main stages in their product cycles, excluding ETFs.

· PRIVATE PLACEMENT: Initially, Grayscale products are offered through private placements, allowing eligible investors to participate in cryptocurrency investments. The shares purchased in private placements have an initial lock-up period of one year. Currently, trusts like the Grayscale Sui Trust and Grayscale Lido DAO Trust are in this stage.

· PUBLIC QUOTATION: In the form of public trading, this stage allows all investors to participate in cryptocurrency investments. However, due to the lack of a continuous buyback plan, publicly traded shares may trade at a premium or discount to the value of their underlying assets. Currently, assets like MANA, GLNK, and DEFG are in this stage.

· SEC REPORTING: Grayscale is the first company to report to the SEC. The SEC reporting requirement will further enhance the disclosure level, provide greater transparency to investors, and subject the products to additional regulatory oversight. Currently, ETCG, ZCSH, HZEN, and others are in this phase.

In the Long Run, Beating BTC Is Challenging

According to reports, Grayscale had a significant impact on the cryptocurrency market during the bull run from 2020 to 2021, when Grayscale significantly increased the asset under management of the Bitcoin Trust, bringing in a large number of institutional investors into the crypto space. However, other crypto assets launched by Grayscale during this period have shown mixed short-term performance and have struggled to outperform BTC in the long term.

To track the investment return of Grayscale funds, the author recorded the token prices at the launch of Grayscale funds and on December 23, forming the above chart. Over time, Grayscale's launch of crypto trust products was concentrated before 2018 and 2021, and these were mostly at high points or later stages of bull markets. This phenomenon may be related to the fact that Grayscale's fund launches require a relatively long period and a mature market. And this December, Grayscale has once again started to concentrate on launching trust funds, whether this time it can break the cycle of short-term peaks.

In terms of investment return, in the long term, (including BTC, ETH), tokens showing positive investment return account for only about 48%, which is lower than the random 50% probability of a coin flip. Moreover, their investment return is far below that of BTC, showing a negative EV in the long run.

In the short term, the tokens launched by Grayscale did indeed have glorious moments, but most of them occurred before their launch. Even though XRP has experienced a strong rebound, it has not yet surpassed its previous high, and after three consecutive days of gains, ZEN can barely maintain an 18% return on investment. Although some star tokens have reached their highs after launch, when viewed from a long-term annualized perspective, after holding for a long 7 years, their return rate is even below 10%. However, different entry timing has a more significant impact on investment return, with Grayscale concept coins almost all outperforming the average bull market increase if they accumulate during a bear market bottom. Observing assets that have not shown significant movements at this time may lead to decent gains next year.

Grayscale's holdings of tokens have different indicative roles at different times in the market cycles, in this sense, Grayscale's strict selection process indeed has an impact.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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