CoinDesk 20 Index Outperforms BTC and ETH as Digital Asset Market Correlations Drop

The CoinDesk 20 Index has outperformed bitcoin and ether, with Solana and Avalanche providing additional buoyancy to the market. Correlations within the digital asset market have dropped, with altcoins to CoinDesk 20 rising and crypto vs equity market correlations flipping positively. There are now stronger correlations between US 10-year yield changes and risk assets such as crypto and equity markets. Standard Chartered expects spot ether ETF applications to be treated similarly to bitcoin ETFs and anticipates approvals on May 23.