Grayscale has unveiled its updated Top 20 cryptocurrency list, reshuffling positions among several tokens. New entries and exits highlight ongoing trends in institutional interest and token utility.
AVAX: Rising on Institutional Interest
Avalanche's (AVAX) inclusion in Grayscale's Top 20 reflects rising narratives more than current on-chain metrics. Despite a 3.4% intraday pullback, AVAX has seen a 275% surge in daily transactions since May, driven largely by institutional interest in tokenizing real-world assets.
OP Dropped from Grayscale Top 20
Optimism's (OP) exclusion from Grayscale's list is less a rejection of Layer 2s and more a referendum on short-term value accrual. Despite powering major Ethereum scaling ecosystems, OP failed to convert network growth into token upside.
Morpho's Success and Changes in DeFi
The inclusion of Morpho alongside AVAX in Grayscale's Top 20 reinforces a preference for clean, efficient DeFi protocols. Morpho's traction, including growth in yield strategy adoption, signals a shift toward minimalist, modular DeFi over governance-heavy players.
Recent changes in Grayscale's Top 20 highlight a focus on supporting projects with clear and relevant metrics, emphasizing a shift in investor attitudes toward cryptocurrency and a growing selectivity in allocations.
