Bitcoin (BTC) is 55070640.8× the size of Web3 Whales (W3W) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 67 shared trading days). BTC has been the more volatile of the two, at 44% annualised against W3W's 5%.
W3WBTC
0.09over 67 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | W3W | BTC |
|---|---|---|
| Max drawdown (400d) | -1.3% | -53.0% |
| Risk-adjusted return (90d) | 0.05 | 0.42 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: W3W outperformed BTC by 39.1% — measured on the W3W/BTC ratio, so it holds regardless of market direction.