BTC / ETH Correlation
Rolling 90-day Pearson correlation between Bitcoin and Ether daily returns, bounded -1 to +1. The structurally high intra-crypto correlation is the baseline; what matters is its variation: compressions toward lower readings historically flag idiosyncratic phases (asset-specific narratives), while returns to elevated readings mark unified market regimes.
What is it?
This metric computes the rolling 90-day Pearson correlation between Bitcoin and Ether daily returns, bounded between -1 and +1. BTC and ETH are the two largest crypto assets and their correlation is the reference gauge of intra-crypto market unity. Both price series come from licensed market data pipelines updated daily. The formula is correlation(returns_btc, returns_eth) over a 90-day rolling window.
How to read
Three series are displayed: the correlation line (primary, bounded -1 to +1), the ETH price and the BTC price for context. Unlike the macro pairs of this family, the baseline here is structurally high: the two assets usually move together. The information is in the deviations: compressions toward lower readings flag idiosyncratic phases where one asset trades on its own narrative, and recoveries toward the highs mark the return of a unified market regime.
Key zones
Readings above +0.8 describe tightly unified markets, the historical norm during broad trends. The +0.5 to +0.8 band describes moderate divergence, typical of narrative-specific phases. Readings below +0.5 are historically notable events on this pair and have flagged strong idiosyncratic episodes on one leg (protocol events, asset-specific flows).
What to observe
Watch compressions during asset-specific catalysts: protocol upgrades, asset-specific investment vehicle flows, or regulatory decisions affecting one asset. A compression that persists after the catalyst passes suggests a durable narrative split. Cross-read with the ETH / BTC relative strength views available in the price rubric: correlation measures co-movement while relative strength measures winner and loser, and the two together characterise a rotation.
Historical context
Across the recorded history the pair has spent most of its time at elevated readings, with notable compressions around asset-specific milestones: major protocol transitions on the ETH side and spot vehicle launch phases on either side, which temporarily rerouted flows into a single leg. Full decorrelation has never been observed over a sustained window.
Expert notes
Both legs trade continuously, so no weekend forward-fill is required: this is the cleanest alignment of the family. Beta is not correlation: ETH commonly exhibits a beta above one versus BTC even at high correlation, so identical direction does not mean identical magnitude. For portfolio work, the covariance structure matters more than the correlation point estimate.
Common mistakes to avoid
A high correlation does not mean holding both assets is redundant: magnitude, drawdown depth and recovery profiles differ. A compression is not by itself an underperformance call on either leg: correlation is direction-agnostic. This reading is descriptive; it carries no allocation recommendation.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/macro-intelligence/macro-v2-corr-btc-eth/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "macro-v2-corr-btc-eth",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.