Bitcoin Correlation Cosmos

Correlation measures whether two prices moved together, not whether one caused the other and not by how much. A company can hold bitcoin and still track it loosely, and a company that holds none can track it closely because both respond to the same conditions.

Beta is the other half of that question. It measures how far this asset moved per unit of bitcoin's move over the same window, so a beta above 1 describes an asset that has swung wider than bitcoin and one below 1 describes an asset that has swung less. It is an average over the window, not a rate the next move has to follow.

The system is descriptive. It says what has moved together recently, not what will, and nothing here is a view on any of these companies.

The correlation is computed from daily returns over the trailing window rather than from price levels, so a shared upward drift does not read as a relationship on its own. Beta comes off the same aligned days as the correlation beside it, so the two are always describing one sample rather than two.