At the start of February, the range of the rolling 30 day correlations among all unique asset pairs in the Delphi L1 index was tightly concentrated above +0.5. Ever since, however, the dispersion has been steadily increasing.

Viewed another way, using a fixed date range (Feb 1, 2023 – Present) rather than a rolling period, we can see that most of the subzero values of the correlation pairs are linked to AKT.

The evolution from here will be interesting. The mean correlation value among all unique pairs (white solid line) is currently +0.39, and over the past year it has not fallen below +0.22 (December 11, 2022). As conditions can change quickly in crypto, I find myself asking how low can we go before we observe renewed concentration?