Filecoin (FIL ($2.09)), a leading cryptocurrency in the decentralized storage sector, is showing strong signs of recovery in November 2025. Although the price remains far below the peak of its previous cycle, market sentiment has clearly shifted. Investors are now focusing more on projects with real-world applications.

What’s driving investors’ optimism about FIL’s future? Here are some notable points.

Filecoin Trading Demand Surges in November

Filecoin (FIL) is a decentralized blockchain project designed to create an open data storage marketplace. It enables users to rent or lease storage capacity globally, eliminating the need for centralized providers like Google Drive, Amazon S3, or Dropbox.

According to BeInCrypto data, Filecoin’s price surged nearly 60% during the first week of November, with 24-hour trading volume exceeding $1.4 billion.

Filecoin Price & Volume. Source: Coinglass

Historically, such high trading volumes have only occurred a few times in the past two years. Each time the volume exceeded $1 billion, it was followed by a strong price rally, as seen in February 2024 and December 2024.

The return of billion-dollar daily trading volume in November reflects rising market activity and renewed investor interest. Market sentiment has also shifted dramatically.

Investors are increasingly favoring projects with practical use cases that have survived multiple cycles. This trend explains the recent gains in altcoins such as Zcash (ZEC ($631.18)), Dash (DASH ($106.96)), and Internet Computer (ICP ($7.88)).

“Look, Filecoin woke up after months of silence. Up more than fifty percent in twenty-four hours as DePIN and AI storage narratives collide. For years people dismissed it as outdated infrastructure, but the truth is AI needs storage that’s massive, decentralized, and fast. FIL was built for that before it was cool,” investor Justin Wu said.

Grayscale’s Filecoin (FIL) Holdings Reach New High

Further evidence of Filecoin’s growing recognition can be seen in Grayscale’s actions. Grayscale Investments — one of the world’s largest crypto funds — has been steadily accumulating FIL over the past two years. In November, its holdings reached an all-time high of more than 2.2 million tokens.

Grayscale Investment FIL Holding. Source: Coinglass

Interestingly, Grayscale continued to increase its FIL position even as the token’s price fell from above $10 to below $2. For the fund, the decline appeared to be an opportunity to accumulate more of this altcoin.

The Grayscale Filecoin Trust is one of the first investment vehicles allowing investors to gain exposure to Filecoin (FIL) in the form of a security. It offers a way to participate in FIL’s performance without dealing directly with the challenges of purchasing, storing, or safeguarding the token.

The Grayscale Filecoin Trust Performance. Source: Grayscale

Currently, the Grayscale Filecoin Trust trades above $3 per share — higher than FIL’s spot market price. Meanwhile, its NAV per share remains lower than the trust market price, a situation that has persisted for years. This means the trust’s shares are trading at a premium, implying that investors are willing to pay more than the actual value of the assets held by the fund.

Analysts suggest that institutional investors often accept such premiums because they believe the underlying asset is worth that price — or potentially even more.

Despite these positive signals, Galaxy Research reports that FIL remains one of the worst-performing altcoins among the top 100, having fallen as much as 99% from its peak. The recovery journey, therefore, may take time and is unlikely to happen overnight.

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