Grayscale
Research head Zach Pandl noted that crypto networks generating positive cash flow do not necessarily deliver positive returns to token holders. If ongoing token issuance is not offset by buybacks or burns, it directly erodes holders’ returns; profitable networks coexisting with loss-making assets is the norm. Bitcoin is akin to digital gold, while other crypto assets should be valued based on cash flows such as transaction and lending fees. Inflation-driven dilution is a key variable in assessing a token’s long-term value.
Impact assessment: Under this framework, projects with buyback-and-burn mechanisms stand to benefit (HYPE has expanded buybacks to $100 million; Punk Strategy uses transaction-fee revenue for buybacks and burns). High-inflation tokens facing unlocks may be hurt (FF unlocks more than 6% of its circulating supply this week; $CARDS, $KMNO , and $EIGEN also have large unlocks).
ARK Invest (Cathie Wood)
In early October, Cathie Wood reiterated her view that Bitcoin could gain 1,665% by 2030, reaching the million-dollar range. On October 15, ARK noted that the average cost basis of U.S. spot Bitcoin ETF holders had returned above water, after being underwater for most of 2026. On October 21, ARK reported that tokenized stock trading volume grew 86% in the third quarter, making it the largest driver of on-chain trading growth. ARK is partnering with Securitize to tokenize the ARK Venture fund, whose underlying holdings include equity in OpenAI, Anthropic, Stripe, and Databricks; it will launch first on Ethereum. On October 15, ARK bought 192,566 shares of CoreWeave during a dip.
Impact assessment: For U.S. equities, ARK’s continued investment in AI and tokenization infrastructure may boost sentiment toward related tech stocks. For crypto, Ethereum’s position as the launch chain for RWAs and tokenized equity is being reinforced, supporting ETH’s long-term narrative.
Fidelity (Zack Wainwright, Digital Assets research analyst)
Bitcoin has risen nearly 50% from its June bear-market low of around $58,000, following a trajectory similar to the recovery in 2022. Returns have narrowed with each cycle, but a substantial rise in dollar terms is still possible. It took nearly 16 years to break $100,000; the move from $100,000 to $200,000 could be much faster.
Impact assessment: Moderately bullish, echoing Doctor Profit’s $80,000–$81,000 accumulation zone and $94,000 target.
Research head Zach Pandl noted that crypto networks generating positive cash flow do not necessarily deliver positive returns to token holders. If ongoing token issuance is not offset by buybacks or burns, it directly erodes holders’ returns; profitable networks coexisting with loss-making assets is the norm. Bitcoin is akin to digital gold, while other crypto assets should be valued based on cash flows such as transaction and lending fees. Inflation-driven dilution is a key variable in assessing a token’s long-term value.
Impact assessment: Under this framework, projects with buyback-and-burn mechanisms stand to benefit (HYPE has expanded buybacks to $100 million; Punk Strategy uses transaction-fee revenue for buybacks and burns). High-inflation tokens facing unlocks may be hurt (FF unlocks more than 6% of its circulating supply this week; $CARDS, $KMNO , and $EIGEN also have large unlocks).
ARK Invest (Cathie Wood)
In early October, Cathie Wood reiterated her view that Bitcoin could gain 1,665% by 2030, reaching the million-dollar range. On October 15, ARK noted that the average cost basis of U.S. spot Bitcoin ETF holders had returned above water, after being underwater for most of 2026. On October 21, ARK reported that tokenized stock trading volume grew 86% in the third quarter, making it the largest driver of on-chain trading growth. ARK is partnering with Securitize to tokenize the ARK Venture fund, whose underlying holdings include equity in OpenAI, Anthropic, Stripe, and Databricks; it will launch first on Ethereum. On October 15, ARK bought 192,566 shares of CoreWeave during a dip.
Impact assessment: For U.S. equities, ARK’s continued investment in AI and tokenization infrastructure may boost sentiment toward related tech stocks. For crypto, Ethereum’s position as the launch chain for RWAs and tokenized equity is being reinforced, supporting ETH’s long-term narrative.
Fidelity (Zack Wainwright, Digital Assets research analyst)
Bitcoin has risen nearly 50% from its June bear-market low of around $58,000, following a trajectory similar to the recovery in 2022. Returns have narrowed with each cycle, but a substantial rise in dollar terms is still possible. It took nearly 16 years to break $100,000; the move from $100,000 to $200,000 could be much faster.
Impact assessment: Moderately bullish, echoing Doctor Profit’s $80,000–$81,000 accumulation zone and $94,000 target.