Grayscale, the leading digital asset manager, stated that crypto markets are increasingly rewarding tokens with real fundamentals, with financial protocols led by Hyperliquid (HYPE) outperforming meme coin-heavy consumer tokens. According to BeInCrypto, Grayscale attributes the split to a bear market and rising institutional adoption, which it says are separating revenue-generating projects from speculative tokens.
Grayscale cited its FTSE Russell-built Crypto Sectors framework, which tracks over 150 protocols and is reassessed quarterly. Since the start of 2024, its Financials Crypto Sector is up about 15%, versus a roughly 75% drop in the Consumer & Culture sector. Grayscale said Dogecoin (DOGE) now makes up around 85% of the lagging sector's market value.