DNH20
What moved DNH20?
Derived from stored DNH20 data. Describes contributions, not causes. Not investment advice.
Source coingecko · as of 2026-10-29T07:30:58.690Z · stale · 20/20 names with 24h data
Summary
- DNH20 moved -1.47% over 24h to 949.12 (source CoinGecko, as of 2026-10-29 07:30 UTC, delayed).
- Largest contributions: BTC -0.91 pp, ETH -0.24 pp, XRP -0.09 pp.
- Bitcoin contributed -0.91 pp (70.4% weight).
- BTC accounted for most of the basket move.
- Ex-BTC basket: -1.88% over 24h.
- Versus 2026-09-29: print -6.82%.
- Regimes over 23 recorded days (2026-10-07 → 2026-10-29): broad rally 12, broad selloff 11.
- Context: stablecoin supply -1.10% over 7 days (DefiLlama, 2026-10-29). Not an index input.
Contributions by name (24h)
| BNB | +0.70% | +0.03 pp |
| BTC | -1.29% | -0.91 pp |
| ETH | -1.95% | -0.24 pp |
| XRP | -2.62% | -0.09 pp |
Sector contribution (DNHCS)
- Bitcoin-0.91 pp
- Ethereum-0.24 pp
- Layer 1-0.19 pp
- Other-0.10 pp
- DeFi-0.02 pp
- Meme-0.01 pp
BTC leadership vs breadth
- BTC
- -0.91 pp
- Rest of basket
- -0.56 pp
- Moving with index
- 95%
- Ex-BTC 24h
- -1.88%
Today vs 30 days ago
- Compared day
- 2026-09-29
- -6.82%
- Top weight
- — → 70.4%
- Recorded regime days
- 23
Market coverage and dispersion
- Coverage (ex stablecoins)
- 91.2%
- Share of total cap
- 81.4%
- 24h dispersion (equal)
- 2.06 pp
- 24h dispersion (weighted)
- 0.87 pp
Basket 2.28T / total 2.81T (coinpaprika), stablecoins 0.30T (DefiLlama) · 2026-10-29T06:30:58.751Z. Dispersion = standard deviation of 24h returns across the 20 names: low means the basket moves together. Context, not an index input.
Sector contribution, 7 and 30 days
| Sector | 7D | 30D* |
|---|---|---|
| Bitcoin | -0.75 pp | -2.89 pp |
| Ethereum | -0.35 pp | -1.52 pp |
| Layer 1 | -0.02 pp | -1.07 pp |
| Other | +0.02 pp | -0.11 pp |
| DeFi | -0.01 pp | -0.08 pp |
| Meme | -0.01 pp | -0.08 pp |
Sum of daily 24h contributions from research records (not compounded). Recorded 7/7 and 23/30 days; * = under 80% of days.
Moving with BTC: beta and correlation
- Ex-BTC basket beta, 30d
- 1.34
- Ex-BTC basket beta, 90d
- not enough data (48/75 days)
- Average correlation, 30d
- 0.64
30-day beta by coin: 3 highest · 3 lowest
- NEAR2.83
- ZEC2.76
- UNI2.46
- BNB0.81
- XMR0.48
- TRX0.01
Beta 1 = moves as much as BTC; above 1 = more than BTC. Correlation near 1 = the basket moves as one. From day-over-day returns between consecutive complete daily books; missing days are skipped. Describes the past, not a forecast. · 2026-10-29
DNH20 vs BTC: who explains the gap
7 days · 10-22 → 10-29
DNH20 − BTC: +0.07 pp
- BNB+0.18
- TRX+0.04
- ZEC+0.03
- HYPE+0.03
- XRP+0.01
- ETH−0.18
- SOL−0.05
- NEAR−0.03
- ADA−0.02
- LINK−0.01
- Residual (supply, membership)+0.09
30 days · 09-29 → 10-29
DNH20 − BTC: −2.13 pp
- BNB+0.14
- XMR+0.06
- TRX+0.05
- ETH−1.24
- XRP−0.34
- SOL−0.33
- DOGE−0.08
- LINK−0.08
- Residual (supply, membership)+0.07
Left during the window: HBAR
A coin's excess contribution = start weight × (coin return − BTC return), in percentage points. Contributions add up to the basket return (start weights) minus BTC; the residual comes from supply and membership changes. Top 5 positive and negative. Describes the past, not a forecast. · 2026-10-29
Daily print bridge: prices or basket changes?
Membership effect since 2026-09-09: +1.34 points
| Day | Δprint | Price | Members | Resid. | Members, cum. |
|---|---|---|---|---|---|
| 10-29 | −18.63 | −18.63 | 0 | 0.00 | +1.34 |
| 10-28 | +4.53 | +4.53 | 0 | 0.00 | +1.34 |
| 10-27 | +11.05 | +11.06 | 0 | −0.01 | +1.34 |
| 10-26 | +2.28 | +2.28 | 0 | 0.00 | +1.34 |
| 10-25 | −10.57 | −10.58 | 0 | +0.01 | +1.34 |
| 10-24 | −3.20 | −3.19 | 0 | −0.01 | +1.34 |
| 10-23 | −2.64 | −2.64 | 0 | 0.00 | +1.34 |
| 10-22 | −39.56 | −39.56 | 0 | 0.00 | +1.34 |
| 10-21 | +18.45 | +18.45 | 0 | 0.00 | +1.34 |
| 10-20 | +13.56 | +13.56 | 0 | 0.00 | +1.34 |
| 10-19 | −0.35 | −0.35 | 0 | 0.00 | +1.34 |
| 10-18 | +8.46 | +8.46 | 0 | 0.00 | +1.34 |
| 10-17 | −5.59 | −5.59 | 0 | 0.00 | +1.34 |
| 10-16 * | −7.66 | −7.75 | +0.09 | 0.00 | +1.34 |
| 10-15 | +6.67 | +6.67 | 0 | 0.00 | +1.26 |
| 10-14 * | −21.22 | −21.59 | +0.37 | 0.00 | +1.26 |
| 10-13 * | +19.94 | +17.50 | +2.45 | 0.00 | +0.88 |
| 10-12 | −28.46 | −28.47 | 0 | +0.01 | −1.56 |
| 10-11 * | +6.82 | +8.94 | −2.11 | −0.01 | −1.56 |
| 10-10 | +6.06 | +6.05 | 0 | +0.01 | +0.55 |
| 10-09 | +8.72 | +8.72 | 0 | 0.00 | +0.55 |
| 10-08 | −26.75 | −26.75 | 0 | 0.00 | +0.55 |
| 10-07 | −31.04 | −31.04 | 0 | 0.00 | +0.55 |
| 10-06 | −5.63 | −5.63 | 0 | 0.00 | +0.55 |
| 10-05 | +14.41 | +14.41 | 0 | 0.00 | +0.55 |
| 10-04 | +0.18 | +0.18 | 0 | 0.00 | +0.55 |
| 10-03 | +4.21 | +4.21 | 0 | 0.00 | +0.55 |
| 10-02 | −3.40 | −3.39 | 0 | −0.01 | +0.55 |
| 10-01 | +7.30 | +7.30 | 0 | 0.00 | +0.55 |
| 09-30 | +2.63 | +2.63 | 0 | 0.00 | +0.55 |
Each day's print change (points) = price effect of coins in both daily books + membership effect (entrants' cap − leavers' cap, × 1000/2.4T) + residual (book vs print timing, rounding). The three add up to Δprint exactly. The membership effect is the part a divisor (CONS-2026-01) would remove. * = membership change. Describes the past; the official print is unchanged.
Who carries the basket's risk (30 days)
Annualised volatility of the current basket: 27.2% · 27 days
| Coin | Weight | Share of risk |
|---|---|---|
| BTC | 70.5% | 64.3% |
| ETH | 12.4% | 16.0% |
| XRP | 3.6% | 4.8% |
| BNB | 4.3% | 3.4% |
| SOL | 2.6% | 3.1% |
| Others (14) | 6.6% | 8.4% |
Too short a history, not included: SUI · weight covered 99.8%
A coin's share of risk = weight × its covariance with the basket ÷ basket variance (adds up to 100%), from 30 days of daily returns at current weights. Describes the past; not a forecast or a signal. · 2026-10-29
Implied (DVOL) vs realised 30-day volatility
| Implied (DVOL) | Realised 30D | |
|---|---|---|
| BTC | 36.5% | 25.9% |
| ETH | 51.3% | — |
| DNH20 | — | 28.8% |
DVOL: the 30-day volatility priced by Deribit options (annualised), refreshed hourly; hidden when older than 48 hours. Realised: standard deviation of the last 30 days' daily returns × √365. Context only, not used in the print or any rule; not a forecast. · Deribit 2026-10-29 07:00 UTC · realised to 2026-10-29
Stablecoin liquidity
| 7D | 30D | |
|---|---|---|
| Supply change | −1.10% | −1.95% |
| Versus DNH20 basket cap(13.3%) | +0.09 pp | — |
Total stablecoin supply from DefiLlama, compared with the 20-member basket cap on the same day. A rising ratio means stablecoins are growing relative to the basket. Stablecoins are not DNH20 members; context only, not a signal. The 30-day ratio change appears once 30 days are stored.
Membership watchlist (ranks 17–25)
| # | Name | % cutoff | Status | Distance |
|---|---|---|---|---|
| 17 | LTC | 119% | In basket | −34.9% |
| 18 | UNI | 117% | In basket | −33.8% |
| 19 | AVAX | 103% | In basket | −25.0% |
| 20 | SUI | 100% | In basket | −22.6% |
| 21 | HBAR | 87% | Outside | +34.0% |
| 22 | XAUT | 87% | Outside | +34.3% |
| 23 | TAO | 77% | Outside | +51.2% |
| 24 | SHIB | 76% | Outside | +53.0% |
| 25 | QNT | 75% | Outside | +55.0% |
Enter: rank ≤ 18 and cap ≥ 115% of the rank-20 cutoff. Hold: ranks 19–22. Exit: rank ≥ 23. Distance = how far the cap must rise (outside) or fall (inside) with all else unchanged. A rule description, not a forecast; review daily at 00:00 UTC. · 2026-10-29T07:00:56.530Z
Membership history and concentration
- Stored daily books
- 50 (2026-09-09 →)
- Changes / names replaced
- 5 / 5
- Weight turnover
- 1.06%
- Name turnover / year
- 183%
- Top 1 / top 3 / effective N
- 70.4% / 87.1% / 1.9
- 2026-10-16 +SUI −BTW · jump +0.09 ptsSUI: filled a vacancy · BTW: missing quote
- 2026-10-14 +BTW −SUI · jump +0.40 ptsBTW: rank ≤ 18 and ≥ 115% · SUI: displaced
- 2026-10-13 +WBT −HBAR · jump +2.39 ptsWBT: rank ≤ 18 and ≥ 115% · HBAR: displaced
- 2026-10-11 +SUI −WBT · jump -2.16 ptsSUI: filled a vacancy · WBT: missing quote
- 2026-09-19 +NEAR −SUI · jump +0.54 pts
From stored daily books. Jumps are measured by the parallel divisor series (CONS-2026-01). Annual name turnover shows after 30 days.
Institutional demand
US spot ETF flow
As of 2026-10-28Regulated US spot bitcoin, ether, and solana funds. Distinct from on-chain exchange flow.
BTC
ETH
SOL
30 trading days, combined
US spot BTC and ETH ETFs saw $200.8M combined net outflows over the last 7 days — institutions have been net sellers.
DNH-weighted BTC+ETH $687,043.37
ETF flow data via Farside (as published on DefiLlama). US spot funds only.
ETF flow data reflects US spot fund activity, sourced from third-party aggregators. It is a descriptive institutional-demand indicator, not a prediction or trading signal.
On-chain context
Liquidity · Network activity
Context only — not an input to the DNH20 index.
DefiLlama 2026-10-29 · DefiLlama 2026-10-29 · Coin Metrics — (unavailable)