Grayscale Research Director: Valuation of encrypted assets should not be solely based on narrative, as tokens such as HYPE and CAKE have temporarily entered the top ten yield indicators Zach Pandl, research director at Grayscale, stated that Bitcoin, as a decentralized alternative to digital commodities and fiat currencies, should be valued as "digital gold," while many other cryptocurrency assets can be fundamentally valued through cash flow. He pointed out that on chain applications can generate fee income through transactions, loans, and other activities. After deducting supply side costs, the agreement benefits can be used to evaluate their economic value; Token repurchase, destruction, and pledge distribution can also affect the transmission of value to holders, but new issuances and token unlocking may cause dilution.