Author：Coindoo
- 3 April 2026
- |
- 18:10
Grayscale's Head of Research published a note arguing altcoins are near three-year lows. The same day, the company filed an S-1 amendment for a Bittensor trust.
- Grayscale published is arguing altcoins offer a “potentially compelling entry point”.
- Altcoin " >Altcoin index down approximately 59% from 2025 highs and up only 2% from cycle lows.
Altcoins are all alternative cryptocurrencies to Bitcoin.
- The research note and the TAO filing arrived on the same day, neither is coincidental.
What the Chart Shows
The altcoin price index compiled by Grayscale using FTSE Russell data, rebased to 100 at the start of 2023, tells a specific story in three acts.
- Altcoins ground sideways between 100 and 150 through 2023, building a base that went largely unnoticed.
- 2. The index surged from 150 to a peak of approximately 390 in mid-2025, a 160% rally driven by Bitcoin ETF " >ETF approval momentum, institutional inflows, and the broader risk-on environment that characterized the 2024-2025 cycle.
Exchange-traded Fund
- The index has declined from 390 to approximately 165 as of March 31, 2026, a 59% drawdown that has erased most of the cycle’s gains and brought prices back toward the 150 level that marked the start of the bull run.
That 150 level, visible as the orange dotted line on the chart, is where Grayscale’s research is pointing. Altcoins are 2% above their cycle lows and approaching the baseline from which the entire 2024-2025 rally launched. That is the floor the firm is arguing deserves attention, and it is the same floor it used to build the case in the research note published April 2.
