According to CoinMeta, Grayscale ( Grayscale ) released a research report on November 12th stating that over the past three years, changes in Bitcoin prices have only been able to explain about 50% of the yield differences across various segments of the crypto market. The remaining variations are more influenced by factors specific to each segment and asset. At the same time, the correlation between different crypto segments has declined from previous highs, and market performance has gradually become more differentiated. Data shows that Bitcoin's actual volatility over the past year was around 43%, while the annualized volatility of the cryptocurrency payment segment was 49%, and the AI segment was as high as 85%. Grayscale believes that as the crypto market matures, investors can expect to obtain more diversified sources of returns through diversification across different segments and assets. However, the decrease in correlation does not mean that investment risks have reduced.