Key Takeaways
- Bitcoin explained about half the variation in crypto sector returns.
- Among the 10 largest non-stablecoin assets, six led quarterly performance over two years; bitcoin led none.
- Crypto sectors became less correlated, broadening diversification potential.
Grayscale Finds More Than a Bitcoin Trade
Crypto asset manager Grayscale said on Nov. 12 that differences in business models, adoption, and token economics—the rules governing supply and holder incentives—were widening investment opportunities beyond bitcoin. Zach Pandl, Grayscale’s head of research, and Charlie Perkins, research associate, outlined the findings in their assessment of crypto’s expanding investment opportunities.
The commentary stated:
“As crypto…
