The Roundhill Sports activities Betting & iGaming ETF has proven an unusually sturdy correlation with Bitcoin since 2020, with analysts pointing to the sports activities betting-focused fund as a attainable main indicator for strikes within the cryptocurrency market.
Knowledge cited by cryptocurrency publication CoinDesk confirmed the 90-day correlation coefficient between BETZ and the iShares Bitcoin Belief ETF stood at 0.73, whereas the 365-day coefficient reached 0.91, suggesting the 2 belongings have moved intently in tandem over the previous 12 months.
An R-squared worth of about 0.83 indicated that greater than 80% of the variation within the two belongings’ value actions was statistically linked, reinforcing the view amongst some market observers that each are handled by buyers as speculative, risk-sensitive belongings.
The connection has additionally drawn consideration as a result of BETZ has traditionally peaked and bottomed forward of Bitcoin throughout main market cycles.
The sports activities betting ETF peaked in September 2021, two months earlier than Bitcoin reached what was then a report excessive in November of that 12 months. BETZ later bottomed in September 2022, roughly three months earlier than Bitcoin reached its low through the so-called “Crypto Winter.”
Analysts additionally pointed to the same sample in 2025, when BETZ reportedly peaked in August earlier than Bitcoin weakened later within the 12 months.
Whereas analysts cautioned that correlation doesn’t essentially suggest causation, the repeated timing variations between the 2 belongings might draw consideration from merchants.
The sample has added to a broader debate over Bitcoin’s position in monetary markets, with some buyers arguing the cryptocurrency behaves extra like a macro danger asset than a standard safe-haven funding.
Observers, together with Ray Dalio, have beforehand argued that Bitcoin stays intently tied to investor sentiment and liquidity situations.
BETZ launched in June 2020 as the primary exchange-traded fund devoted to sports activities betting shares. The fund tracks the Morningstar Sports activities Betting & iGaming Choose Index and presently manages between $47.9 million and $50 million in belongings.
The ETF holds 30 gaming-related shares listed in the USA and worldwide markets. Its largest holding is Rush Road Interactive, which accounts for about 8.05% of the portfolio.
In keeping with issuer knowledge, BETZ has delivered annualized returns of three.67% since inception.
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