Grayscale Research has updated its Top 20 asset list by including AVAX and MORPHO for Q3 2025, indicating new trends in the crypto market.
Grayscale's Strategic Adjustments
Grayscale Research has made a strategic decision to adjust its Top 20 assets, adding AVAX and MORPHO due to increased on-chain activity and growth in decentralized lending. This reflects shifts in market dynamics.
"AVAX and MORPHO have been added, driven by increased on-chain transaction activity and robust growth in decentralized lending, respectively. LDO and OP have been removed due to competitive pressure from centralized staking services and uncertainty regarding token revenue distribution." – Grayscale Research, Official Q3 2025 Report, Grayscale
Implications for the Crypto Market
Grayscale's inclusion of these assets often enhances institutional allocator interest. These changes could prompt shifts in fund flows and index product allocations. Increased activity in AVAX led to its recognition.
The decision affects assets directly involved in DeFi and smart contracts. Removed assets faced challenges from centralized staking services and reduced Ethereum reserves. Impacts extend to the broader DeFi sector.
Conclusion
Inclusion or removal from Grayscale's lists often prompts scrutiny from institutions. AVAX’s on-chain activity demonstrates its potential in DeFi. Grayscale's decisions are important signals for future investment trends and confidence.
Grayscale's updates may serve as important indicators for the future dynamics and development of the crypto market.
