The Roundhill Sports Betting & iGaming ETF (BETZ) has demonstrated a significant correlation with Bitcoin, maintaining a 365-day correlation coefficient of approximately 0.91. This indicates that about 83% of Bitcoin's price movements can be linked to this sports betting fund, which tracks companies like DraftKings and Flutter Entertainment. BETZ, launched in June 2020, has attracted $98 million in net inflows, with current assets under management at around $50 million. BETZ's correlation with Bitcoin is notable not only for its strength but also for its timing, often leading Bitcoin at major market turning points. Both assets respond to similar macroeconomic signals, attracting risk-on capital. However, recent market conditions suggest a potential decoupling, with BETZ's performance diverging from Bitcoin's trajectory. Investors are advised to monitor this relationship closely, as a decrease in correlation could weaken BETZ's predictive value for Bitcoin movements.