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Is $Bitcoin Really Just a High Beta Vote?
The last 12 months' data shows that Bitcoin's returns (represented by $IBIT) correlate most strongly with Beta (+0.72), higher than most traditional investment factors such as Value, Growth, or Quality.
However, what's more noteworthy is Excess Beta. When this indicator rises sharply, bitcoin:native is often not only following the market but also being driven by leverage, shorting, and speculative money flows, enabling it to outperform conventional risk assets.
Corrections for Bitcoin in a Sharp State:
• Normal: behaves like a high-beta risk asset.
• Euphoria: driven by leverage and speculative money flows, creating explosive block price surges.
Understanding the transition between Beta and Excess Beta can help identify when Bitcoin transitions from "following the market" to "leading the market."