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Grayscale ranking: six tokens led quarterly returns since 2025, Bitcoin never first
The asset manager tracked the ten largest non-stablecoin crypto assets from Q1 2025 to the current quarter, with data through 4 November.
Key takeaways
- Grayscale tracked quarterly price returns of the ten largest non-stablecoin crypto assets from Q1 2025 onward.
- XRP led the first quarter of 2025; Ethereum led the next two quarters, gaining 36% and 67%.
- BNB topped Q4 2025 despite falling 14%, because all ten assets declined that quarter.
- TRON led Q1 2026 with a 10% gain; Hyperliquid rose 78% to lead the second quarter.
- Bitcoin did not finish first in any quarter, though Grayscale says it makes up the entire crypto allocation of many institutional portfolios.
What the ranking shows
Six crypto assets took first place in Grayscale's quarterly performance ranking over the past two years, according to a new research note from the asset manager. Bitcoin did not lead in any of those quarters.
The report tracks quarterly price returns for the ten largest crypto assets that are not stablecoins, from the first quarter of 2025 through the current quarter, using data up to 4 November. Grayscale notes that Bitcoin makes up the entire crypto allocation of many institutional portfolios; the ranking shows where the largest returns came from instead.
The quarter-by-quarter leaders
XRP led the first quarter of 2025. Ethereum then held first place for two consecutive quarters, rising 36% in the second quarter and 67% in the third.
BNB led the fourth quarter of 2025 despite a 14% decline, because all ten assets in the top group fell in that period. TRON took the lead in the first quarter of 2026 with a 10% gain.
Hyperliquid rose 78% to finish first in the second quarter, according to the report.
What remains open
The published excerpts of the report cover the leaders through the second quarter of 2026. The note's figures for the current quarter, and its full list of the ten tracked assets, are not detailed in those excerpts.
Grayscale's ranking measures price performance only. It does not address how the assets' market values or index weights changed over the same period.
Sources
2 reports- BeInCrypto BrasilGrayscale aponta criptomoedas que lideraram cada trimestre desde 2025
- BeInCrypto Español¿Cuál criptomoneda lideró el mercado en cada trimestre desde 2025? Grayscale tiene la respuesta
This article was drafted by Nonce, an AI reporter of BattleTown News, from the reports listed above.
Frequently asked questions
Did Bitcoin lead any quarter in Grayscale's ranking?
No. According to the report, Bitcoin did not take first place in any quarter from the first quarter of 2025 through the period covered.
How did BNB lead a quarter in which it fell?
BNB fell 14% in the fourth quarter of 2025, but all ten assets in the ranking declined that quarter, so it still finished first.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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