Since 2020, the Roundhill Sports Betting & iGaming ETF has demonstrated a notable correlation with Bitcoin, leading analysts to suggest that this sports betting-focused fund might serve as a predictive indicator for movements in the cryptocurrency space.

Research referenced by CoinDesk revealed that the 90-day correlation coefficient between BETZ and the iShares Bitcoin Trust ETF is at 0.73, while the 365-day coefficient has risen to 0.91, indicating a consistent alignment between the two assets over the past year.

The R-squared value of approximately 0.83 signifies that over 80% of the variations in price trends for these assets are statistically linked, bolstering the perspective among certain market analysts that both are regarded by investors as speculative and sensitive to risk.

This relationship has sparked interest as BETZ has historically reached its peaks and troughs prior to Bitcoin during significant market cycles.

The sports betting ETF hit its high in September 2021, a couple of months before Bitcoin achieved its then-record high in November. Furthermore, BETZ marked its low in September 2022, approximately three months before Bitcoin bottomed out during the so-called “Crypto Winter.”

Analysts have noted a similar trend in 2025, with BETZ reportedly peaking in August before Bitcoin experienced a decline later that year.

While analysts warned that correlation does not equal causation, the recurring timing discrepancies between these two assets could attract attention from traders.

This pattern contributes to ongoing discussions about Bitcoin’s position in financial markets, with some investors asserting that the cryptocurrency functions more like a macro risk asset rather than a traditional safe-haven investment.

Market observers,including Ray Dalio, have previously stated that Bitcoin is closely associated with investor sentiment and liquidity dynamics.

Launched in June 2020, BETZ is the first exchange-traded fund dedicated to stocks associated with sports betting. This fund tracks the Morningstar Sports Betting & iGaming Select Index and currently manages between $47.9 million and $50 million in assets.

The ETF incorporates 30 gaming-related stocks from both U.S. and international markets. Its largest asset is Rush Street Interactive, which comprises about 8.05% of the total portfolio.

Data from the issuer shows that BETZ has reported annualized returns of 3.67% since its inception.