Grayscale recently released an evaluation list, which prominently features established public chains like APT and BNB, as well as AI-focused WLD, and Solana ecosystem projects JUP and BONK. At first glance, it’s quite eye-catching, but don’t rush to buy—this list is actually marked as "Pending Evaluation," not an immediate buy signal.

Speaking of which, as a benchmark for institutional investment, Grayscale’s move itself sends a signal: the crypto market is undergoing a shift from retail-driven investment to institutional pricing. The projects on this list are likely to be the next focus for institutional funds.

Careful analysis of this list reveals several clear themes. First, public chains and financial infrastructure—these are hard needs that no one can bypass; second, AI, which will be the most compelling narrative this year; third, interestingly—consumer attributes and Meme culture—BONK’s inclusion indicates something significant.

As participants, how should we play this? The key is to approach with an institutional mindset and avoid blindly following the trend. When selecting projects, consider three points: do they have real application value, is their business model viable, and can they operate within a compliant framework. Take your own watchlist and compare it with Grayscale’s list; projects that overlap are worth deeper research. For new projects you’re less familiar with, treat them as entry points to expand your understanding.

One question I’d like to hear your opinion on—among these tracks, which do you think has the best chance of producing a dark horse in 2026?