Grayscale Research has updated its top 20 asset list for Q3 2025, adding Avalanche (AVAX) and Morpho (MORPHO) to its portfolio. This move reflects a strategic shift in Grayscale's investment focus, as it simultaneously drops Lido DAO (LDO) and Optimism (OP) from its top holdings. The update highlights Grayscale's ongoing adjustments to align with market trends and investor interests.