Six coins have led crypto’s quarterly performance rankings over the past two years, according to new Grayscale research. Bitcoin (BTC) did not finish first in any of those quarters.

Grayscale says Bitcoin makes up the entire crypto allocation for many institutional portfolios. The ranking shows where the top returns came from instead.

A Leaderboard That Kept Changing Hands

The Grayscale report tracks quarterly price returns for the 10 largest non-stablecoin assets. It runs from the first quarter of 2025 to the current quarter, using data as of November 4.

XRP (XRP) led the first quarter of 2025. Ethereum (ETH) then held the top spot for two straight…