Grayscale added 2 altcoins to the "Top 20" list and removed 2.

Grayscale, one of the largest investment firms in the crypto sector, published a report sharing its expectations for the third quarter of 2025. The report also included "high potential" cryptocurrencies for the months of July, August, and September.

The company updated the list it published in the previous quarter by adding two new cryptocurrencies. The added cryptocurrencies are; Avalanche (AVAX) and Morpho (MORPHO) while Lido DAO (LDO) and Optimism (OP) were removed from the list.

With the latest changes, the list consisting of 20 cryptos has shaped as follows:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• Chainlink (LINK)
• Sui (SUI)
• Hyperliquid (HYPE)
• Uniswap (UNI)
• Aave (AAVE)
• Bittensor (TAO)
• Ethena (ENA)
• Story Protocol (IP)
• Morpho (MORPHO)
• Avalanche (AVAX)
• Helium (HNT)
• Virtuals Protocol (VIRTUAL)
• Jito (JTO)
• Aerodrome (AERO)
• Grass (GRASS)
• Maple (SYRUP)
• Geodnet (GEOD)

In the report, the following evaluations were made regarding the new members of the list:

Avalanche (AVAX)

Avalanche is the sixth largest blockchain network in its sector, recognized among smart contract platforms, based on market capitalization. This segment is a dynamic market where numerous quality projects compete to create the best platform for users and developers. In practice, it is difficult to determine which platform will capture lasting network effects by only looking at technological superiority. Therefore, Grayscale Research places great importance on actual adoption trends. Recently, Avalanche has experienced a significant increase in transaction volume and has also recorded partial growth in user numbers and transaction fees. This increase is believed to stem from the integration of the video game MapleStory into the Avalanche network and the associated stablecoin transaction volume. Although it is still unknown whether this increase in activity will be permanent, such organic growth could strengthen Avalanche's competitive position in the smart contract platforms sector and provide support for the AVAX token.

Morpho (MORPHO)

Morpho is a decentralized lending protocol that offers isolated lending pools that match a collateral asset with a loan asset. Initially operating on the Ethereum and Base networks, Morpho has a simple structure that allows users to lock their assets in customizable vaults. Last year, Morpho exhibited significant growth, achieving an annual fee income of approximately $100 million and more than doubling its total locked value to exceed $4 billion, reaching a total locked value of (TVL). With this value, it holds the position of the second-largest lending protocol. Last month, Morpho announced Morpho V2, aimed at bringing decentralized finance (DeFi) capabilities to traditional financial institutions. Grayscale Research is optimistic about the future of on-chain lending activities and believes that Morpho is well-positioned to capture a significant share of the growth in this area alongside other lending protocols listed, such as Aave and Maple Finance.(

Finally, the company emphasizes that the assets on this list, consisting of 20 cryptocurrencies, have high volatility and therefore carry high risk, which may not be suitable for every investor's risk profile. Grayscale also highlights that many factors were taken into account during the analysis process conducted to create this list, including network growth, adoption rates, upcoming significant developments, sustainability of fundamental dynamics, token valuation, token supply inflation, and potential risk factors.

Published: June 27, 2025 10:10