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Grayscale Shakes the Crypto World with Bold Moves
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Grayscale Shakes the Crypto World with Bold Moves

Jun 28, 2025

A Bold Move from Grayscale: Prioritizing Utility Over Hype

Grayscale, one of the biggest names in crypto asset management, has reshuffled its Top 20 cryptocurrency list for the third quarter of 2025. In a surprising yet strategic move, it has dropped well-known tokens like XRP, ADA, BNB, and TRON, replacing them with rising stars Avalanche and Morpho.

This shift signals a clear change in how major institutions are assessing crypto projects—on-chain utility now matters more than market cap.

Why XRP, ADA, and BNB Were Removed

Despite their large market capitalization and community backing, these tokens were cut due to low on-chain activity and declining performance metrics:

  • XRP: Down 4% in 2025 and still 45% below its all-time high. Network activity has dropped 70%, despite Ripple’s high-profile partnerships.
  • ADA: Has fallen 35% this year. Even with its DeFi ambitions (like integrating Bitcoin), it hasn’t attracted strong developer or user engagement.
  • BNB & TRON: Show similar stagnation, with little meaningful growth in daily users or transaction fees.

Grayscale’s strategy clearly values organic growth and adoption, not just price performance or hype cycles.

What Makes Avalanche and Morpho Stand Out?

Avalanche (AVAX) has seen a surge in real-world use, especially within Web3 gaming ecosystems like MapleStory and stablecoin-based applications. Its growing developer activity and transaction volume suggest real long-term potential.

Meanwhile, Morpho has emerged as a serious player in on-chain lending. Here’s why it stood out:

  • $4+ billion in Total Value Locked (TVL)
  • Nearly $100 million in annual revenue
  • Competing directly with Aave and Maple Finance in the DeFi space

Grayscale’s inclusion of Morpho confirms that emerging projects with high utility can now compete with the giants.

Grayscale’s New Selection Criteria: What Really Matters?

The updated Grayscale crypto ranking now prioritizes:

  • Adoption
  • Transaction fees
  • Volume of real users
  • Sustainability and ecosystem health

This approach aligns with what many in the space have been demanding for years—real-world metrics over speculative noise.

What This Means for the Crypto Market

Grayscale’s decision could become a template for future institutional evaluations. As the market matures, investors are shifting from speculative tokens to assets that provide consistent value and utility.

This change sends a message:

“It’s not enough to be popular—you need to perform on-chain.”

Final Thoughts

Grayscale’s Q3 2025 crypto list is a wake-up call for the crypto industry. Legacy coins like XRP and ADA may no longer enjoy automatic inclusion based on their names alone. Projects that show innovation, user traction, and strong fundamentals—like Avalanche and Morpho—are taking their place.

As competition intensifies, this could push every blockchain project to prove its worth where it matters most: real-world use.

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