A Grayscale research report, cited by Crypto Briefing and reported by ChainCatcher on November 13, 2026, at 08:22 (UTC+8), found that Bitcoin explained roughly half of return variation across crypto sectors. The report said correlations between crypto assets and Bitcoin were declining.
| Sector | Annualized volatility | Share attributed to Bitcoin |
|---|---|---|
| Currencies | 49% | 43% |
| Smart contract platforms | 58% | 38% |
| Financials | 59% | 30% |
| Utilities and services | 67% | 30% |
| Consumer and culture | 76% | 46% |
| Artificial intelligence | 85% | 35% |
Grayscale put Bitcoin’s own annualized volatility at approximately 43% at the time of its research. Every sector it tracked was more volatile; artificial intelligence had the highest figure, at 85%.
For valuation, the distinction is between a return driver and an asset’s underlying value. Less Bitcoin-driven variation may help assess whether a sector offers diversification, but it does not establish that the sector is less risky or that its assets are attractively valued. The reported figures do not, by themselves, measure protocol activity, revenue or value accruing to token holders.