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

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

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.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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