Grayscale's Q3 2025 index report indicates that altcoins have outperformed Bitcoin in risk-adjusted returns. Leading the pack were BNB Chain, Prometheus, and Avalanche, while Bitcoin did not make it into the top 20. The report attributes the strong performance of altcoins to increased stablecoin adoption, higher exchange volumes, and the growth of Digital Asset Treasuries, particularly in the Financials and Smart Contract Platforms segments. Bitcoin's underperformance is linked to its limited exposure to these growth drivers.