The sports betting exchange-traded fund BETZ, which has shown high correlation with bitcoin, is drawing attention as a new secondary market indicator. The ETF has tracked a similar cycle to bitcoin since 2020 and in some phases formed highs and lows earlier than bitcoin. Data show 90-day and 365-day correlations of 0.73 and 0.91, though the relationship does not necessarily imply causation.

Billionaire investor Ray Dalio said bitcoin’s public ledger and lack of privacy are factors that can deter central banks from adopting it as a reserve asset. He said transactions can be monitored and potentially controlled. Dalio also said bitcoin tends to track Wall Street, especially tech stocks, rather than act as an independent store of value in a crisis. He said bitcoin’s market is smaller and more vulnerable to shocks than gold.