On September 14, as the technology sector's influence within asset portfolios expanded, discussions about risk diversification extended to digital assets as well. Citing research from Bitcoin Suisse introduced by CoinDesk on September 12, the NCE platform stated that the significance of holding Bitcoin must be assessed within the broader portfolio context—looking solely at its own price movements makes it difficult to determine whether adding it increases or reduces existing risk.

From a correlation standpoint, the NCE platform believes that the relationship between assets is not a fixed figure. During periods of ample liquidity, different assets may behave differently due to their own demand drivers; yet when funding conditions tighten suddenly, they may all decline together due to shared financing constraints. Therefore, diversification effects observed in stable periods cannot be directly applied to all market stress scenarios.

There is also the possibility that portfolio risk becomes concentrated in a few key drivers. Even when holding multiple assets with different names, if they all depend on the same funding environment, apparent variety may not necessarily reduce overall volatility. Assessing the role of digital assets requires examining whether their return sources are truly distinct, whether they can be traded during extreme market conditions, and whether they amplify existing drawdowns. It is especially important to identify risk linkages that are not obvious under normal conditions but may surface simultaneously during concentrated redemptions.

Regarding this research direction, the NCE platform analyzed that cross-cycle performance and linkage behavior during stress periods deserve more consistent tracking. Even a small allocation weight can have a notable impact on portfolio outcomes, but the magnitude of that impact still depends on the initial structure and rebalancing arrangements. Historical samples provide a basis for discussion, yet they do not yield a universal answer applicable to all funding horizons and risk tolerances.