Exchange tokens and digital assets associated with proof-of-stake blockchain networks have outperformed the broader cryptocurrency market since the end of 2019, while privacy-focused digital tokens have underperformed, Goldman Sachs wrote in a new report.

“As the market matures, monitoring crypto’s market segments may help determine which network features investors are rewarding, as well as the prospect for practical applications of the technologies,” Zach Pandl, Goldman’s co-head of foreign-exchange strategy, and analyst Isabella Rosenberg wrote Wednesday in the report. 

The publication of the report represents the latest iteration of the Wall Street firm’s on-again, off-again flirtation with cryptocurrencies. As recently as June, one Goldman division panned digital assets as not “viable” for client portfolios, but the company’s analysts continue to cater to institutional investors with in-depth examinations.

Exchange tokens are digital tokens issued by crypto exchanges, such as binance coin, while currency-like assets are represented by bitcoin (BTC). The report categorized chainlink (LINK) as a token used in other applications, and monero (XMR) as a privacy coin. 

Remittance tokens such as xrp (XRP) outperformed the crypto market last November, while decentralized finance-related assets such as uniswap (UNI) gained momentum in January and early February, the report noted. 

Meanwhile, tokens associated with proof-of-stake networks have outperformed proof-of-work tokens since the end of 2019, according to the report. 

Cryptocurrencies are a “top-heavy market” compared with other asset classes, the report noted. Bitcoin accounts for 46% of the cryptocurrency market and ether accounts for 20%, according to the Wall Street firm. In comparison, the two largest stocks in the S&P 500 index account for roughly 12% of the market capitalization, the report shows.