The altcoins that Grayscale has positioned in during this bull market have basically rallied. The next bull market can also reference Grayscale's holdings for layout.

Looking at the asset holdings disclosed by Grayscale during this bull market, most of the holdings are established altcoins, which show strong consistency in technical structure, such as XRP, BCH, ZEC, LTC, ETC, XLM.
They share several very typical common features:
First, the 2021 cycle high points generally failed to effectively break through the 2017 historical high, remaining under long-term large-scale resistance;
Second, after falling from the 2018 high, they experienced a very long sideways consolidation, with a washout period generally exceeding 2,500 days, with repeated turnover of chips;
Third, during the extended oscillation period, price fluctuations gradually converged, forming a large-scale converging triangle pattern.
Altcoins held by Grayscale have basically rallied during this bull market. ZEC ZEC, which surged significantly in the late stage of the bull market, has always been relatively strong, and mainstream coins like BTC, ETH, SOL need no explanation—they all performed quite well this round. Others like LPT surged 5 times in the first half of 2024, XLM surged 7 times in November 2024, LINK surged 7 times during this bull market, BAT surged 5 times. Currently, only MANA, ETC, and FIL haven't rallied yet. MANA is related to the metaverse concept, which was heavily speculated in the last bull market; ETC is an established POW coin; FIL has too many trapped positions. These three haven't rallied. Overall, the probability of coins held by Grayscale rallying is over 80%.
Grayscale updates its holdings of altcoins and observation list every quarter. The latest altcoin observation list includes: HYPE, UNI, TAO, ENA, IP, HNT, VIRTUAL, JTO, AERO, GRASS, SYRUP, GEOD.