Grayscale Finds Bitcoin Explained About Half of Crypto Sector Return Variation

A Nov. 12 report from Grayscale found that Bitcoin (BTC) explained about half of return variation across the FTSE Grayscale Crypto Sectors, while quarterly leaders among large assets differed, giving investors more historical patterns to assess. The index comparison covered three years, and pairwise correlations among the sectors fell from earlier peaks. Correlation measures how closely returns move in relation to one another; the decline marks less alignment among the indexes than at those earlier peaks. It does not mean sector returns became independent of Bitcoin.