
- Main event, leadership changes, market impact, financial shifts, or expert insights.
- Grayscale invests in Avalanche and Morpho.
- Market adjustments follow removal of Lido, Optimism.

Grayscale Investments updated its Top 20 crypto asset list for Q3 2025, adding Avalanche and Morpho while removing Lido DAO and Optimism, per its research report released on June 26, 2025.
Top 20 List Changes
Grayscale, a leading digital asset manager, has updated its Top 20 list for Q3 2025. The company added Avalanche and Morpho, citing recent surges in transaction volumes and DeFi growth. This update reflects Grayscale’s ongoing focus on adapting to market dynamics.
To make room for Avalanche and Morpho, this quarter we are removing Lido DAO (LDO) and Optimism (OP). — Grayscale Research Report, June 26, 2025
The decision involves removing Lido DAO and Optimism from the list due to regulatory scrutiny and economic considerations. These shifts are expected to influence institutional portfolios, increasing exposure to Avalanche’s Layer 1 capabilities and Morpho’s lending innovations.
Avalanche and Morpho Growth
Adding Avalanche highlights its recent user and transaction growth, driven by gaming initiatives and stablecoin flows. Morpho’s rise is backed by its Total Value Locked and DeFi-native developments, indicative of expanding institutional DeFi lending acceptance.
Impact on Institutional Interest
Institutional interest in DeFi could grow as Morpho integrates traditional financial technologies. Previous Grayscale changes in asset allocations have impacted the liquidity and market perception of affected tokens and coins, signaling potential for similar outcomes.
With regulatory pressure impacting Lido’s staking services, Grayscale’s strategy reflects current market conditions. Analysis and data trends indicate a growing shift towards fundamentally strong and regulatory-compliant assets in the crypto landscape.
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