AltcoinsOpinion
|4 min ReadGrayscale says alt season returns with new market leaders
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Bitcoin lags as stablecoin and exchange tokens rise
Grayscale Research’s new quarterly report says Q3 2025 marked a broad rally across all six of its Crypto Sectors, a framework built with FTSE Russell. Bitcoin gained, but it lagged nearly every other group. The winners came from the Financials and Smart Contract Platforms sectors — the corners of crypto boosted by stablecoin laws, rising centralized exchange volume, and the growth of digital asset treasuries.
The firm’s “Crypto Sectors” taxonomy now tracks 261 tokens worth 10 billion in annualized revenue — a sign, Grayscale says, that real on-chain activity is growing.
Digital treasuries and stablecoins take center stage
The top 20 performers by risk-adjusted return in Q3 featured large names like ETH, BNB, SOL, LINK, and AVAX, alongside smaller caps below $500 million. Financials and Smart Contract Platforms dominated the list, accounting for over half the entries.
Three themes stood out. First, digital asset treasuries (DATs). Public companies now buy and hold crypto on their balance sheets as exposure vehicles for equity investors. Tokens linked to new DATs — ETH, SOL, BNB, ENA, and CRO — benefited.
Second, stablecoin adoption. On July 18, President Trump signed the GENIUS Act, creating the first U.S. regulatory framework for stablecoins. Circulating supply jumped 16 percent to more than $290 billion. Ethereum, Tron, and Avalanche saw the largest transaction growth, while Ethena’s ENA token surged despite its flagship USDe not meeting GENIUS Act rules. Ethena has since launched a compliant version.
Third, exchange activity. August recorded the highest centralized exchange (CEX) volumes since January. That pushed up tokens linked to major platforms — BNB, CRO, OKB, and KCS — all ranking among the top 20. Perpetuals platforms kept expanding too. Hyperliquid became a top three asset by fee revenue, while DRIFT and newcomer ASTER saw explosive growth. ASTER’s market cap jumped from 3.4 billion in a week.
What’s next for Q4
Grayscale says Q4 performance could hinge on three forces. First, U.S. lawmakers are advancing crypto market structure legislation in the Senate after a bipartisan House vote in July — a move that could anchor digital assets within traditional finance. Second, the SEC has approved generic listing standards for commodity-based exchange-traded products, paving the way for more crypto ETPs in U.S. markets. And third, the Federal Reserve just cut rates by a quarter point and hinted at more to come.
Lower rates usually favor risk assets. But weak job data, high equity valuations, and geopolitical tension could limit upside. Grayscale’s bottom line: crypto is diversifying fast. The next “alt season” may not look like the last one, but the winners are already showing where the new money is flowing.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.