After 2022, the market took a sharp turn downwards, and the cold wind of the bear market swept through every corner. The price of FIL, like a kite with a broken string, plunged all the way down, finally lying flat at a few dollars, staying that way for over a year. The community was filled with lamentations; those who once shouted "suffocating for dreams" were now busy cutting losses and leaving, afraid of going to zero. In this dead silence, Grayscale's actions truly revealed the nature of a top predator. They initiated a so-called "violent" buying spree.

Starting from 2023, when the price of FIL was rubbing against the bottom, wearing down everyone's last patience, Grayscale took action. They no longer probed with small moves like before but bought aggressively! Buy! Buy! Buy! Throughout the year, they increased their holdings 32 times, swallowing 1.75 million FIL in one go! With this operation, they directly lowered their overall holding cost from the sky-high price of 90 dollars to around 11 dollars. As of recently, they held over 2 million FIL, accounting for 1% of the entire circulation.

This operation, you savor, you ponder. Most people adhere to the principle of "buy low, sell high," but often end up doing "buy high, sell low." What does Grayscale play? They play "right-side trading." They never expect to buy at that elusive "lowest point" because no one can predict where the lowest point is. What they want is "certainty." When the price of FIL has gone through a long decline, no longer making new lows, and starts to consolidate sideways, Grayscale sees this as a strong bottom signal — the most panicked phase of the market has passed, and value begins to emerge. Entering the market at this time, although not the cheapest, is definitely the most stable. Behind this is an incredibly firm belief in the long-term value of the project.