Digital asset management company Grayscale updated its ‘Research Top 20’ list for the third quarter of 2025. According to the report dated June 26, 2025, Avalanche (AVAX) and Morpho (MORPHO) are newly added assets, while Lido DAO (LDO) and Optimism (OP) were removed from the list due to performance and regulatory risks. The company stated that these decisions are based not only on market capitalization but also on ecosystem development, on-chain activity, and regulatory risks.
Grayscale emphasized that Avalanche was added to the list due to its increasing partnerships and on-chain activity in the second quarter of 2025. On the other hand, the diminishing impact of Optimism as a Layer-2 solution on Ethereum and the shift towards multi-chain compatibility of Ethereum led to a decline in OP. Lido DAO lost its appeal due to possible regulations on staking ETFs, while Morpho took the place of LDO under 'Utilities & Services' with its strong performance in the 'Financial Services' category.
The report also highlighted sector-based returns. In the second quarter of 2025, the highest return was 20% from the 'Currencies' sector, followed by 'Financials' with a 12% return and 'Artificial Intelligence' with 8%. In contrast, the 'Utilities & Services' sector, which includes projects like Lido, showed the weakest performance with an 11% loss. This situation supports Grayscale's rationale for focusing on more stable and functional projects.
Additionally, it was noted that the assets listed carry high volatility. Among the most volatile tokens are VIRTUAL at 195%, Maple (SYRUP) at 153%, and Ethena (ENA) at 140%. Grayscale warned investors to focus on long-term fundamentals rather than short-term speculation.
These updates affect not only investment lists but also perceptions in the cryptocurrency sector. Projects like Avalanche that prioritize on-chain developments are coming under Grayscale's radar, while projects under regulatory pressure are categorized as risky. This indicates that investors should pay attention not only to price performance but also to technological developments and strategic management criteria.
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