Effectively implemented relative value strategies call for both asset breadth and sufficient differentiation among those assets. Figure 2 takes returns for the top 25 crypto assets except BTC, controls for exposure to systematic risk (roughly approximated by bitcoin), and shows the correlations between each token pair’s residual returns (i.e., ETH vs. DOT, SOL vs. LTC, etc.):
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cETH (CETH) $ 48.83cETH (CETH) $ 48.83
io.net (IO) $ 0.730578io.net (IO) $ 0.730578
SWFTCOIN (SWFTC) $ 0.011831SWFTCOIN (SWFTC) $ 0.011831
Ontology (ONT) $ 0.129325Ontology (ONT) $ 0.129325
COTI (COTI) $ 0.054776COTI (COTI) $ 0.054776
LCX (LCX) $ 0.126604LCX (LCX) $ 0.126604
Melania Meme (MELANIA) $ 0.294482Melania Meme (MELANIA) $ 0.294482
SKALE (SKL) $ 0.020337SKALE (SKL) $ 0.020337
World Mobile Token (WMTX) $ 0.158812World Mobile Token (WMTX) $ 0.158812
TDCCP (TDCCP) $ 0.183613TDCCP (TDCCP) $ 0.183613
Alchemist AI (ALCH) $ 0.136541Alchemist AI (ALCH) $ 0.136541
BOOK OF MEME (BOME) $ 0.001675BOOK OF MEME (BOME) $ 0.001675
BitDCA (BDCA) $ 0.865424BitDCA (BDCA) $ 0.865424
VVS Finance (VVS) $ 0.000002VVS Finance (VVS) $ 0.000002
Origin Ether (OETH) $ 2,428.60Origin Ether (OETH) $ 2,428.60
Cookie DAO (COOKIE) $ 0.207941Cookie DAO (COOKIE) $ 0.207941
Verasity (VRA) $ 0.001431Verasity (VRA) $ 0.001431
Gamebitcoin Power (PWR) $ 0.103923Gamebitcoin Power (PWR) $ 0.103923
Lift Dollar (USDL) $ 0.999775Lift Dollar (USDL) $ 0.999775
Metaplex (MPLX) $ 0.135960Metaplex (MPLX) $ 0.135960
Amnis Aptos (AMAPT) $ 4.46Amnis Aptos (AMAPT) $ 4.46
Illuvium (ILV) $ 11.89Illuvium (ILV) $ 11.89
ViciCoin (VCNT) $ 19.68ViciCoin (VCNT) $ 19.68
Mythos (MYTH) $ 0.139744Mythos (MYTH) $ 0.139744
Hivemapper (HONEY) $ 0.025167Hivemapper (HONEY) $ 0.025167
Solar (SXP) $ 0.171730Solar (SXP) $ 0.171730
Goatseus Maximus (GOAT) $ 0.110681Goatseus Maximus (GOAT) $ 0.110681
Terra (LUNA) $ 0.160743Terra (LUNA) $ 0.160743
Siren (SIREN) $ 0.150194Siren (SIREN) $ 0.150194
Metis (METIS) $ 17.06Metis (METIS) $ 17.06
Big Time (BIGTIME) $ 0.057226Big Time (BIGTIME) $ 0.057226
Rekt (REKT) $ 0.00000026Rekt (REKT) $ 0.00000026
Hive (HIVE) $ 0.227444Hive (HIVE) $ 0.227444
Noble Dollar (USDN) (USDN) $ 0.999717Noble Dollar (USDN) (USDN) $ 0.999717
Status (SNT) $ 0.027100Status (SNT) $ 0.027100
Bio Protocol (BIO) $ 0.059718Bio Protocol (BIO) $ 0.059718
Moonwell (WELL) $ 0.031680Moonwell (WELL) $ 0.031680
Loopring (LRC) $ 0.085175Loopring (LRC) $ 0.085175
Kamino (KMNO) $ 0.052562Kamino (KMNO) $ 0.052562
Conscious Token (CONSCIOUS) $ 0.104658Conscious Token (CONSCIOUS) $ 0.104658
Sophon (SOPH) $ 0.052097Sophon (SOPH) $ 0.052097
Spiko US T-Bills Money Market Fund (USTBL) $ 1.05Spiko US T-Bills Money Market Fund (USTBL) $ 1.05
TNQ (TNQ) $ 1.10TNQ (TNQ) $ 1.10
Lorenzo stBTC (STBTC) $ 101,057.00Lorenzo stBTC (STBTC) $ 101,057.00
Entangle (NTGL) $ 0.000171Entangle (NTGL) $ 0.000171
Beets Staked Sonic (STS) $ 0.368280Beets Staked Sonic (STS) $ 0.368280
Function ƒBTC (FBTC) $ 101,461.00Function ƒBTC (FBTC) $ 101,461.00
Request (REQ) $ 0.138558Request (REQ) $ 0.138558
sBTC (SBTC) $ 102,302.00sBTC (SBTC) $ 102,302.00
Waves (WAVES) $ 1.02Waves (WAVES) $ 1.02cETH (CETH) $ 48.83cETH (CETH) $ 48.83io.net (IO) $ 0.730578io.net (IO) $ 0.730578SWFTCOIN (SWFTC) $ 0.011831SWFTCOIN (SWFTC) $ 0.011831Ontology (ONT) $ 0.129325Ontology (ONT) $ 0.129325COTI (COTI) $ 0.054776COTI (COTI) $ 0.054776LCX (LCX) $ 0.126604LCX (LCX) $ 0.126604Melania Meme (MELANIA) $ 0.294482Melania Meme (MELANIA) $ 0.294482SKALE (SKL) $ 0.020337SKALE (SKL) $ 0.020337World Mobile Token (WMTX) $ 0.158812World Mobile Token (WMTX) $ 0.158812TDCCP (TDCCP) $ 0.183613TDCCP (TDCCP) $ 0.183613Alchemist AI (ALCH) $ 0.136541Alchemist AI (ALCH) $ 0.136541BOOK OF MEME (BOME) $ 0.001675BOOK OF MEME (BOME) $ 0.001675BitDCA (BDCA) $ 0.865424BitDCA (BDCA) $ 0.865424VVS Finance (VVS) $ 0.000002VVS Finance (VVS) $ 0.000002Origin Ether (OETH) $ 2,428.60Origin Ether (OETH) $ 2,428.60Cookie DAO (COOKIE) $ 0.207941Cookie DAO (COOKIE) $ 0.207941Verasity (VRA) $ 0.001431Verasity (VRA) $ 0.001431Gamebitcoin Power (PWR) $ 0.103923Gamebitcoin Power (PWR) $ 0.103923Lift Dollar (USDL) $ 0.999775Lift Dollar (USDL) $ 0.999775Metaplex (MPLX) $ 0.135960Metaplex (MPLX) $ 0.135960Amnis Aptos (AMAPT) $ 4.46Amnis Aptos (AMAPT) $ 4.46Illuvium (ILV) $ 11.89Illuvium (ILV) $ 11.89ViciCoin (VCNT) $ 19.68ViciCoin (VCNT) $ 19.68Mythos (MYTH) $ 0.139744Mythos (MYTH) $ 0.139744Hivemapper (HONEY) $ 0.025167Hivemapper (HONEY) $ 0.025167Solar (SXP) $ 0.171730Solar (SXP) $ 0.171730Goatseus Maximus (GOAT) $ 0.110681Goatseus Maximus (GOAT) $ 0.110681Terra (LUNA) $ 0.160743Terra (LUNA) $ 0.160743Siren (SIREN) $ 0.150194Siren (SIREN) $ 0.150194Metis (METIS) $ 17.06Metis (METIS) $ 17.06Big Time (BIGTIME) $ 0.057226Big Time (BIGTIME) $ 0.057226Rekt (REKT) $ 0.00000026Rekt (REKT) $ 0.00000026Hive (HIVE) $ 0.227444Hive (HIVE) $ 0.227444Noble Dollar (USDN) (USDN) $ 0.999717Noble Dollar (USDN) (USDN) $ 0.999717Status (SNT) $ 0.027100Status (SNT) $ 0.027100Bio Protocol (BIO) $ 0.059718Bio Protocol (BIO) $ 0.059718Moonwell (WELL) $ 0.031680Moonwell (WELL) $ 0.031680Loopring (LRC) $ 0.085175Loopring (LRC) $ 0.085175Kamino (KMNO) $ 0.052562Kamino (KMNO) $ 0.052562Conscious Token (CONSCIOUS) $ 0.104658Conscious Token (CONSCIOUS) $ 0.104658Sophon (SOPH) $ 0.052097Sophon (SOPH) $ 0.052097Spiko US T-Bills Money Market Fund (USTBL) $ 1.05Spiko US T-Bills Money Market Fund (USTBL) $ 1.05TNQ (TNQ) $ 1.10TNQ (TNQ) $ 1.10Lorenzo stBTC (STBTC) $ 101,057.00Lorenzo stBTC (STBTC) $ 101,057.00Entangle (NTGL) $ 0.000171Entangle (NTGL) $ 0.000171Beets Staked Sonic (STS) $ 0.368280Beets Staked Sonic (STS) $ 0.368280Function ƒBTC (FBTC) $ 101,461.00Function ƒBTC (FBTC) $ 101,461.00Request (REQ) $ 0.138558Request (REQ) $ 0.138558sBTC (SBTC) $ 102,302.00sBTC (SBTC) $ 102,302.00Waves (WAVES) $ 1.02Waves (WAVES) $ 1.02
