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The Roundhill Sports Betting & iGaming ETF has shown an unusually strong correlation with Bitcoin since 2020, with analysts pointing to the sports betting-focused fund as a possible leading indicator for moves in the cryptocurrency market.
Data cited by cryptocurrency publication CoinDesk showed the 90-day correlation coefficient between BETZ and the iShares Bitcoin Trust ETF stood at 0.73, while the 365-day coefficient reached 0.91, suggesting the two assets have moved closely in tandem over the past year.
An R-squared value of about 0.83 indicated that more than 80% of the variation in the two assets’ price movements was statistically linked, reinforcing the view among some market observers that both are treated by investors as speculative, risk-sensitive assets.
The relationship has also drawn attention because BETZ has historically peaked and bottomed ahead of Bitcoin during major market cycles.
The sports betting ETF peaked in September 2021, two months before Bitcoin reached what was then a record high in November of that year. BETZ later bottomed in September 2022, roughly three months before Bitcoin reached its low during the so-called “Crypto Winter.”
Analysts also pointed to a similar pattern in 2025, when BETZ reportedly peaked in August before Bitcoin weakened later in the year.
While analysts cautioned that correlation does not necessarily imply causation, the repeated timing differences between the two assets could draw attention from traders.
The pattern has added to a broader debate over Bitcoin’s role in financial markets, with some investors arguing the cryptocurrency behaves more like a macro risk asset than a traditional safe-haven investment.
Observers, including Ray Dalio, have previously argued that Bitcoin remains closely tied to investor sentiment and liquidity conditions.
BETZ launched in June 2020 as the first exchange-traded fund dedicated to sports betting stocks. The fund tracks the Morningstar Sports Betting & iGaming Select Index and currently manages between $47.9 million and $50 million in assets.
The ETF holds 30 gaming-related stocks listed in the United States and international markets. Its largest holding is Rush Street Interactive, which accounts for about 8.05% of the portfolio.
According to issuer data, BETZ has delivered annualized returns of 3.67% since inception.