Grayscale’s Filecoin (FIL) Holdings Reach All-Time High Amid Price Recovery

Filecoin (FIL), a prominent player in the decentralized storage market, is exhibiting encouraging signs of recovery in November 2025. Although its price continues to lag significantly behind the peak levels of its previous market cycle, there is a distinct shift in market sentiment. Investors are increasingly interested in projects that demonstrate real-world applicability.

Key Takeaways

Filecoin (FIL) has seen a substantial price increase of nearly 60% in early November 2025.
Trading volume exceeded $1.4 billion, indicating heightened market activity and renewed investor interest.
Grayscale Investments has significantly increased its holdings of Filecoin, now reaching over 2.2 million tokens.
Despite positive trends, FIL remains one of the worst-performing altcoins, with a substantial decline from its peak prices.

This article explores the recent surge in interest and trading volume for Filecoin (FIL), highlighting significant developments from Grayscale Investments and the overall market's evolving focus on practical crypto projects. FIL may be experiencing a revival, but challenges remain in its path to recovery.

November Sees Surge in Filecoin Trading Demand

Filecoin (FIL) is a decentralized blockchain initiative aimed at creating an open marketplace for data storage. This innovative platform enables users to rent or lease storage space globally, removing the reliance on centralized storage providers such as Google Drive, Amazon S3, or Dropbox.

As reported by BeInCrypto, Filecoin’s price jumped nearly 60% during the first week of November, with 24-hour trading volumes surpassing $1.4 billion.

Filecoin Price & Volume. Source: Coinglass

Historically, such elevated trading volumes have been rare in the past two years. Each instance of volume exceeding $1 billion has often been accompanied by significant price rallies, as demonstrated in February 2024 and December 2024.

The resurgence of billion-dollar daily trading volume in November signals a revival in market activity and growing investor interest. Market sentiment is evolving, with a clear preference emerging for projects that have proven practical use cases and have withstood multiple market cycles. This shift contributes to recent gains seen in various altcoins including Zcash (ZEC), Dash (DASH), and Internet Computer (ICP).

As investor Justin Wu noted, "Filecoin is experiencing a resurgence after a period of inactivity. Its value increased over fifty percent in twenty-four hours as the narratives of decentralized physical infrastructure networks (DePIN) and AI storage intersect. Previously regarded as outdated, Filecoin's infrastructure is essential for AI storage that is large, decentralized, and efficient."

Grayscale’s Investment in Filecoin Reaches New Heights

The growing recognition of Filecoin is further underscored by Grayscale Investments’ actions. As one of the largest cryptocurrency investment firms globally, Grayscale has steadily increased its FIL holdings over the last two years, reaching a record high of more than 2.2 million tokens in November.

Grayscale Investment FIL Holding. Source: Coinglass

Notably, Grayscale continued to expand its position in FIL even as the token's price dropped from over $10 to below $2. For Grayscale, this price decline presented an opportunity to acquire more of this altcoin.

The Grayscale Filecoin Trust is among the first investment vehicles that allow investors to engage with Filecoin (FIL) as a security. This structure enables participants to invest in FIL without dealing directly with the complexities of purchasing, storing, or securing the token.

The Grayscale Filecoin Trust Performance. Source: Grayscale

At present, the Grayscale Filecoin Trust shares trade above $3, surpassing the current spot market price of FIL. However, the NAV per share remains below the trust's trading price — a condition that has persisted for years. This suggests that the trust's shares are trading at a premium, indicating that investors are prepared to pay more than the actual value of the assets held by the fund.

Analysts point out that institutional investors may accept these premiums due to their belief that the underlying asset holds greater value — or could potentially appreciate further.

While these indications are promising, it’s important to note that, according to Galaxy Research, FIL remains one of the underperforming altcoins within the top 100, having declined as much as 99% from its peak. Consequently, the path to recovery may take time and is expected to be gradual rather than instantaneous.