2025-01-17
30D Correlation: 0.2620.
HYPE price in the same daily row: $23.14. This is a descriptive reference point in this dataset; it does not establish a market top, bottom or future return.
HYPE: Correlation to Bitcoin
Hyperliquid HYPE
Rolling 30, 90 and 365-day correlation between daily HYPE and Bitcoin returns, with HYPE's 90-day beta.
Latest daily observationClosed day
- 30D Correlation
- 0.5684
- 90D Correlation
- 0.6574
- 365D Correlation
- 0.5036
- 90D Beta to BTC
- 1.2184
- HYPE price
- $77.26
Observation: UTC. Dataset updated: .
Updated daily, normally at 09:30 Europe/Madrid. Daily resolution.
Data cross-checked. Computed from the validated daily HYPE/USD and BTC/USD closes (rolling correlation and beta of daily log returns). BTC price: cross-checked against Bitstamp daily BTC/USD close (independent exchange) (median difference 0.15% over 5,545 days (2011-08-18 to 2026-10-22); 95% of days within 1.78%). HYPE price: Coin Metrics Community Data, cross-checked daily against Bitstamp daily HYPE/USD close (independent exchange): median difference 0.15% over 331 days (2025-11-25 to 2026-10-21); 95% of days within 1.05%; the HYPE/USDC spot market on Hyperliquid itself: median difference 0.20% over 678 days (2024-12-13 to 2026-10-21); 95% of days within 0.93%. Checked 2026-10-23. Data status
Recent daily values
The last seven closed UTC days. These values remain daily when you change the chart range.
| Date (UTC) | 30D Correlation | 90D Correlation | 365D Correlation | 90D Beta to BTC | HYPE price |
|---|---|---|---|---|---|
| 2026-10-22 | 0.5684 | 0.6574 | 0.5036 | 1.2184 | $77.26 |
| 2026-10-21 | 0.4955 | 0.6489 | 0.5012 | 1.2114 | $80.68 |
| 2026-10-20 | 0.3823 | 0.6529 | 0.5026 | 1.2212 | $80.39 |
| 2026-10-19 | 0.3638 | 0.6533 | 0.5025 | 1.2255 | $79.23 |
| 2026-10-18 | 0.3641 | 0.6404 | 0.5028 | 1.2019 | $78.86 |
| 2026-10-17 | 0.5441 | 0.6404 | 0.5027 | 1.2038 | $77.89 |
| 2026-10-16 | 0.4968 | 0.6394 | 0.5035 | 1.1977 | $80.18 |
Formula
Correlation_N = Pearson correlation of the daily log returns of HYPE and BTC over the last N calendar days (N = 30, 90, 365): the N returns ending on the day, taken from its N + 1 daily closes. Beta_90 = covariance of the 90-day HYPE and BTC returns / variance of the BTC returns (= Correlation_90 × HYPE volatility / BTC volatility). A value is shown only when every close of its window exists.
How to read it
Correlation measures how closely HYPE's daily moves have followed Bitcoin's. +1 would mean that every day the two moved in the same direction and in proportion, 0 that their daily moves were unrelated, and −1 that they always moved in opposite directions. The upper panel shows the HYPE price for context.
The 30-day line reacts within weeks and is noisy; the 90-day and 365-day lines show the slower relationship. Correlation tells whether HYPE tended to rise and fall on the same days as Bitcoin, not by how much. For that, the table and downloads also list HYPE's 90-day beta to Bitcoin: the average HYPE move per 1% Bitcoin move. A beta of 1.5 with a correlation of 0.6, for example, means HYPE has amplified Bitcoin's moves while also moving a lot on its own.
Both figures describe the window that has passed. They do not say which market leads, and they can shift quickly around news specific to Hyperliquid, such as token unlocks, listings or platform incidents.
Limitations
- Both prices are Coin Metrics' daily reference closes (00:00 UTC). Recomputed from other markets' closes, HYPE on Hyperliquid's own spot order book and BTC on Bitstamp, the 30, 90 and 365-day lines agree within about 0.01 at the median and 0.035 or less at the 95th percentile; the beta within 0.03 at the median.
- History starts on 2024-12-13, HYPE's first daily close in our price source, so the 30-day line starts on 2025-01-12, the 90-day line and the beta on 2025-03-13, and the 365-day line on 2025-12-13. The 365-day line has existed only since 2025-12-13, so its own history is still short.
- Daily returns miss moves inside the day, and a reaction that comes a day later in one market than in the other lowers the correlation.
- This is our own chart, not a replica of a Glassnode chart. Other providers may use other windows, price sources, or simple instead of log returns, and get slightly different values.
Historical examples
Selected mechanically: the lowest and highest closed-day 30D Correlation in the available history (2025-01-12 to 2026-10-22). These are observations, not forecasts or trading signals.
2026-05-04
30D Correlation: 0.8385.
HYPE price in the same daily row: $41.86. This is a descriptive reference point in this dataset; it does not establish a market top, bottom or future return.
Download these closed daily observations (JSON)
Source: Computed by Black Almanak from the validated daily HYPE/USD and BTC/USD closes (rolling correlation and beta of daily log returns). Price source: Coin Metrics Community Data, HYPE (CC BY-NC 4.0). Daily history since 2024-12-13, HYPE's first daily close; each line starts once its window is full: 30D on 2025-01-12, 90D and beta on 2025-03-13, 365D on 2025-12-13. Methodology and sources.