Institutions bet on DePIN and AI narratives: Grayscale Filecoin (FIL) holdings hit a new high, with the price soaring 60%

Decentralized storage project Filecoin (FIL) showed strong signs of recovery in early November 2025. With a powerful collision of AI and DePIN (Decentralized Physical Infrastructure Networks) narratives, FIL’s price surged nearly 60% in just one week, with 24-hour trading volume surpassing $1.4 billion. Institutional investors are also taking action: one of the world’s largest crypto funds, Grayscale, has reached a record-breaking FIL holding of 2.2 million coins, demonstrating strong confidence in Filecoin’s long-term value.

Trading Volume Returns to the Billion-Dollar Level: Market Interest Significantly Rebounds

Filecoin is a decentralized blockchain project dedicated to creating an open data storage marketplace, aiming to replace centralized storage giants like Google Drive or Amazon S3. In the first week of November 2025, market activity for Filecoin surged dramatically.

Data shows that FIL’s price soared nearly 60%, with 24-hour trading volume exceeding $1.4 billion. Historically, FIL has only exceeded $1 billion in trading volume a few times over the past two years, each time accompanied by a strong price rebound (e.g., February 2024 and December 2024).

This resurgence in trading volume reflects a significant increase in market activity and renewed investor interest. The current market sentiment is shifting toward favoring projects with practical use cases that can withstand multiple cycles, which explains the recent collective rise of altcoins like Zcash (ZEC), Dash (DASH), and Internet Computer (ICP).

Dual Support from DePIN and AI Narratives: Reaffirming Filecoin’s Core Value

Market enthusiasm for Filecoin is mainly driven by the strong combination of DePIN and AI storage narratives. Investor Justin Wu noted, “Filecoin has awakened after months of dormancy. Under the collision of DePIN and AI storage narratives, it increased by over 50% within 24 hours.”

Artificial Intelligence (AI) technology requires massive, decentralized, and fast storage infrastructure, which aligns perfectly with Filecoin’s design purpose. As AI model training and data storage demands explode, the core value of Filecoin as a decentralized storage infrastructure has been reevaluated and recognized anew.

Institutional Accumulation Signals: Grayscale Reaches Record High Holdings and Premium Trading

Grayscale Investments’ actions provide strong institutional evidence for Filecoin’s recovery. As one of the largest crypto funds globally, Grayscale has been steadily accumulating FIL over the past two years, reaching a record holding of over 2.2 million coins in November.

A notable phenomenon is that the trading price of Grayscale’s Filecoin Trust exceeds FIL’s spot market price (over $3 per share), and its net asset value (NAV) per share is below the trust’s market price. This indicates that the trust’s shares are trading at a premium, suggesting institutional investors are willing to pay above the underlying asset’s actual value to gain exposure to FIL. Analysts believe this reflects higher expectations for the long-term value of the asset.

However, despite these positive signals, Galaxy Research’s report also warns that FIL remains one of the worst-performing projects among the Top 100 Altcoins, having fallen as much as 99% from its all-time high. This indicates that the road to recovery still requires time and will not happen overnight.

Conclusion

The historic rebound in Filecoin’s trading volume and Grayscale’s record-high holdings jointly confirm that institutional capital is actively betting on FIL’s long-term potential in DePIN and AI infrastructure. Although a prolonged recovery period is still needed, the dual drivers of technological narratives and institutional fund flows have laid a solid foundation for reevaluating Filecoin’s value.