Person
Zach Pandl is head of research at Grayscale, a digital asset management firm, where he analyzes crypto markets and token trends.
Grayscale says removing bitcoin's 15 best days turns its 225% three-year gain into an 11% loss, while the Nasdaq-100's 109% return falls only to 21%. That makes waiting in cash far costlier in bitcoin, though the test as reported only prices missed good days.
Reality
Grayscale's Oct. 5 research shows bitcoin's 225% three-year return turns into an 11% loss once its 15 best trading days are removed. The study drops only the rallies, so it puts a hard price on sitting out but leaves untested the timer who also skips the worst sessions.
Reality
Grayscale research head Zach Pandl says AI-linked tokens rose 54% in September against 24% for crypto overall, with NEAR up 183%. Broken out token by token, the figures show one strong name in a small sector more than a market pricing blockchains as infrastructure for agents.
Reality
Bitcoin rose 0.9% to $84,376 after August core PCE came in at 3.0%, below the 3.3% economists expected. Lower odds of an October Fed hike did little for a market whose September rally ran on ETF inflows that have since faded.
Perspective Coverage
3 publishersReality
Grayscale's Zach Pandl puts every Zcash miner in the world at about $2 million of revenue a day against Bitcoin's $35 million. The four-times power advantage that implies only reaches Equihash hardware.
Reality
Grayscale's Zach Pandl recasts ETH issuance as seigniorage funding a one-service state. The live question is whether the 700,000 ETH paid to validators each year should also fund client teams.
Reality