Grayscale Unveils Its New Selection Of The Top 20 Cryptos: XRP, ADA, And BNB Excluded

Grayscale shakes up the crypto ranking for the third quarter of 2025 with a selection focused on real activity rather than market capitalization. Goodbye XRP, ADA, and BNB! Two rapidly rising projects take over: Avalanche and Morpho.

Grayscale prioritizes real adoption in crypto selection

Grayscale now focuses on on-chain fundamentals to determine high-potential crypto projects. This strategy has led to the inclusion of Avalanche and Morpho in its Top 20, at the expense of giants like XRP and Cardano.

To defend its position, the company stated that the process is based on:

• adoption;
• transaction fees;
• volume;
• sustainability.

Avalanche has captivated thanks to the rise of its blockchain ecosystem. This mainly refers to Web3 games such as MapleStory as well as the growing use of stablecoins. Crypto network activity has noticeably accelerated, signaling long-term organic growth potential.

On the Morpho side, the performance is even more striking. The TVL of this crypto asset now exceeds 4 billion dollars, with nearly 100 million $ in annual revenue. In its report, Grayscale even estimates that Morpho could capture a significant share of on-chain lending alongside Aave and Maple Finance.

XRP and ADA excluded from the Top 20 crypto despite their notoriety

The removal of XRP, ADA, BNB, and TRON surprised part of the crypto community. These tokens are still among the most capitalized in the market. However, Grayscale excludes them due to their current lack of traction.

For example, XRP stagnates despite Ripple’s partnerships. It remains 45% below its all-time high and shows -4% since January. Analysts also report a 70% drop in network activity.

Similar trend for ADA, down 35% this year (despite its ambitions to integrate Bitcoin into its DeFi). The drop in their performance thus calls into question their place in high-conviction portfolios.

The new approach from Grayscale could therefore set a precedent. In an increasingly competitive crypto market, only performance on the blockchain now counts.