Grayscale’s Filecoin Trust and Chainlink Trust Sees Massive Institutional Buying Amid Price Rally

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As Bitcoin (BTC) continues to consolidate around $59,000 levels, altcoins are leading the market. However, we shall be talking about two altcoins – Filecoin (FIL) and Chainlink (LINK) – who have registered strong rallies over the last week with growing institutional interest.

Amid just two weeks of launching the Grayscale Filecoin Trust and the Grayscale Chainlink Trust, institutional investors have lined up to park their money. As per the data on Bybt exchange. The Grayscale Filecoin Trust added 29.5K FIL to its kitting shooting its price 30% north.

Courtesy: Bybt

The data shows that Grayscale owns 45.5K FIL coins with $3.2 million in net assets under management. The Filecoin price has moved all the way to $200 making its way to the top-ten crypto list by market cap. Over the last week, FIL has registered solid 125% and more than 450% gains so far in 2021. The blockchain-based decentralized storage platform has also seen huge interest from crypto miners in recent times.

Grayscale Chainlink Trust On Buying Spree

In the last 24-hours, the Grayscale Chainlink Trust has more than doubled its LINK holdings. In the last 24-hours. Grayscale has added more than 65K LINK coins taking its price north 9% to above $30 levels once again. At press time, Chainlink (LINK) is trading at a price of $29.54 with a market cap of $12.3 billion.

Courtesy: Bybt

Over the last week, Chainlink’s price has surged more than 20% as it continues to gain further momentum. As per the data from Santiment, mid and large holders of the LINK tokens have continued with their aggressive accumulation over the last month of March.

After a solid rally earlier this year in February 2021, the LINK price has been largely consolidating in the month of March. Thus, major accumulation for the LINK tokens took place in the price range between $25-$30.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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