Which coins have decoupled from ETH?
Return correlation of the top 200 coins with ETH, compared with each coin’s own annual norm — who moves on their own, and who rises while the market falls.
Last closed candle: 8 out 2026, 08:00 UTC 0 of 200 coins have fresh data, 0 with a full annual norm
Decoupling map
Each coin is placed by how closely its returns follow ETH (left — more independent) and by its return relative to ETH (up — ahead). The dashed line is the Herd median; select a coin to see how far it moved from its usual level.
No fresh observations
The last scan has no fresh coins for this filter. Try another window or the full top 200.
Strongest against ETH
ETH returned — over the window; these coins did best relative to it.
- No coin rose while the benchmark fell.
Starting to decouple
Current correlation (marker) against the coin’s usual level (tick). Score combines rarity, level and speed of the drop.
- No coin is starting to decouple right now.
Back with the market
Recently completed periods and the coin’s return relative to the benchmark during them.
- No completed periods recorded yet.
- Periods
- 0
- Avg. days
- —
- Avg. relative
- —
How much of the market moves together?
Median correlation of 99 eligible top-100 coins with ETH. Below 0.45 the market moves more independently than usual.
Compare every coin
0 coins with fresh data. Sort by any column; select a row to inspect it on the map.
| Coin | Correlation | Usual | Δ | vs ETH, pp | Coin return | Beta | R² | Stage | Score | Correlation trend |
|---|
No coin matches the search.
How to read this map
The current Herd Index against ETH is 0.49. Annual history is still incomplete for part of the universe, so those coins are shown without a decoupling stage.
What the map measures
Most crypto assets respond to broad market conditions. Bitcoin and Ethereum often move in the same direction as many other coins, but the relationship changes. This map asks a narrower question than whether a price went up: did the asset’s short-period returns move in step with the selected benchmark, and is that relationship unusually weak for this particular asset?
Why returns, not prices
Correlation is calculated from logarithmic returns of matching, closed exchange candles. Comparing prices directly would make two unrelated upward trends look connected. The seven-day view uses 42 four-hour returns and reacts quickly. The default 30-day view uses 180 four-hour returns and is steadier. The 90-day view uses daily returns and describes slower changes. A missing candle breaks the sequence; we do not pretend that a longer gap was one ordinary return.
A correlation near +1 means the two returns tended to move together. Near zero means their linear movement was weakly related during the chosen window. Below zero means they tended to move in opposite directions. These are descriptions of past observations, not probabilities of a future rise. Short windows can change sharply after a single extraordinary move, a listing or thin trading.
The decoupling score
Low correlation alone is not a new event. Some coins have always behaved differently from Bitcoin or Ethereum. The decoupling score compares the current reading with the coin’s own median and distribution of rolling correlations over the preceding year. It also considers the absolute level and how quickly the relationship has weakened. If the required annual history is incomplete, the map still shows a measured current correlation but withholds the score, record badge and confirmed stage.
Reading the vertical axis
The vertical position adds direction. Relative performance is the coin’s percentage return minus the benchmark’s percentage return across the same window. A positive number can mean that both fell and the coin fell less. The stronger statement “rising while Bitcoin falls” is used only when the coin’s own return is positive and Bitcoin’s return is negative. An independent coin can also underperform; independence is not a benefit by itself.
Beta estimates how strongly a coin’s returns varied with a one-unit benchmark return in a simple linear model. R² describes what fraction of the coin’s return variation that model fits in the selected window. Neither measure proves that the benchmark caused the movement. A low R² also makes beta less useful as a summary of the coin’s behaviour.
Herd Index
The Herd Index is the median correlation of eligible top-100 coins with the selected benchmark. A higher value means a larger share of the observed market is moving together in the chosen window. A lower value can arise for many reasons; it does not by itself identify an altcoin season. The ETH–BTC reading beside it is a familiar reference, calculated by the same method.
Coverage and limits
Coverage matters. The map uses verified spot listings with USD or checked USD-equivalent quotes, enough aligned closed candles and a liquidity filter from the ranked universe. Coins without sufficient data are counted separately. A weak link may reflect exchange gaps, thin trading or negative coin-specific news. Do not treat a map position, score or historical period as a buy or sell instruction.
Stages and periods
The stage changes only after repeated closed observations. A coin can be starting to decouple, confirmed as decoupled, or recorded as having rejoined the benchmark. The gap between entry and exit thresholds prevents the label from switching on every small move. Completed periods can later be compared by their length and observed relative performance, with the sample count shown. Such summaries describe the recorded history of eligible assets; they are not a reliable estimate of what the next period will do. The same coin can behave differently against Bitcoin and Ethereum, so always check which benchmark the page names.