Foreign media: When discussing the holding options for the next five years, Zach Pandl, the research supervisor of Grayscale, did not give a single answer regarding Hyperliquid, Ethereum, and Solana. He prefers to diversify his investments across different sectors rather than betting on just one project.

Place more emphasis on the leaders in the industry

Pandl indicates that the crypto market has formed multiple segmented sectors, covering currency assets, smart contract platforms, financial applications, and AI related areas. In his view, configuring representative projects according to these tracks is a more efficient approach.

He gave an example, stating that Bitcoin can represent monetary assets, Ethereum can represent a smart contract platform, and Hyperliquid can be regarded as one of the representatives in the field of financial applications. This approach emphasizes diversification across different sectors, rather than focusing on a single bet.

No single choice is provided among the three.

When asked how he would choose between Hyperliquid, Ethereum, and Solana if he could only hold one asset in the next five years, Pandl did not answer directly. He stated that all three are projects worth paying attention to and was reluctant to make a simple choice.

This statement indicates that, at least in the view of some institutional researchers, the current mainstream crypto assets are not simply in a substitution relationship; different chains and applications are still competing for growth space within their respective domains.

Mistmatch found for Zcash during roll call.

In addition to the market leaders, Pandl also mentioned the opportunities presented by pricing discrepancies in the market. Taking the privacy-focused Zcash as an example, he stated that such assets may exhibit more pronounced price asymmetry characteristics.

His overall perspective is to hold representative assets in the main sectors on one hand, and to focus on individually underrated projects on the other, in order to construct a more diversified crypto asset allocation.