Beyond BlackRock's IBIT: A sports betting ETF bitcoin traders may want to watch

The Roundhill Sports Betting & iGaming ETF (BETZ) has demonstrated a strong positive correlation with Bitcoin's price movements since 2020, with an interesting pattern where BETZ often precedes Bitcoin's major trend changes by a couple of weeks. Despite its relatively small asset size compared to BlackRock's IBIT, BETZ's 90-day correlation coefficient with Bitcoin is 0.73 and the 365-day coefficient is 0.91, indicating over 80% of their price variations are statistically linked. Historical data shows BETZ peaking and bottoming out before Bitcoin, suggesting it could act as a complementary sentiment and liquidity proxy for traders. However, the article cautions that correlation does not imply causation, and recent decoupling may be a signal to monitor, as the relationship is not guaranteed to persist.

(Source：CoinDesk)