Pandl views Bitcoin 30% pullback as normal, expects demand strength while quiet on IPO plans.
In a recent interview on the Thinking Crypto, Zach Pandl, research head at Grayscale Investments, spoke about the launch of new spot altcoin exchange-traded funds (ETFs), including Chainlink, XRP, and Dogecoin. This step has been taken after several years of product development and is based on Grayscale’s experience with its Bitcoin and Ethereum ETFs.
According to Pandl, Chainlink’s role in enabling the tokenization of real-world assets is central to its value. “Chainlink is the crypto project that is actually going to make this happen,” he said. Its technology provides the tools and compliance structure that financial institutions need to interact with decentralized networks.
Pendle stressed the ETF gives investors a simpler way to gain exposure to LINK. He highlighted its significance for future developments involving stablecoins, decentralized finance, and public blockchains. He also said Chainlink’s oracle technology is used even by projects seen as competitors.
“Chainlink is going to be a really critical piece of infrastructure, an essential utility in that future vision.”
The XRP ETF, launched under the ticker GXRP, began trading on the New York Stock Exchange Arca on November 24, 2025. It recorded approximately $67 million on its first day of trading. Pandl described XRP as a “battle-tested” network, initially designed for payments but now expanding its use beyond cross-border transfers.
The ETF rollout comes after a prolonged process that first brought Bitcoin ETFs to the U.S. market, followed by Ethereum. With regulatory procedures now clearer, Pandl said the pace of altcoin ETF approvals is accelerating. “The process is starting to quicken,” he said, crediting improved regulatory guidance.
Grayscale’s offering also includes Dogecoin, which Pandl described as “a different flavor,” acknowledging its origin as a meme token but pointing to its continued relevance. He emphasized the growing diversity of crypto products now available via ETFs. The firm aims to enable investors to build “a pretty high-quality crypto portfolio” using regulated instruments.
In the interview, Pandl confirmed that Grayscale is also exploring the potential of launching a Zcash ETF. He argued that privacy remains a crucial element for broader adoption, especially among institutional users. “If institutions are going to start using these assets, it will require privacy,” he said, calling Zcash the leader among privacy-focused coins.
On market conditions, Pandl noted that Bitcoin had pulled back about 30% from its October highs but called the correction typical. “A 30% pullback is actually about an average drawdown,” he explained. He rejected claims that the bull cycle is nearing its end and expressed confidence in continued demand due to macroeconomic trends and institutional interest.
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