Return correlation across the most-liquid markets (1h). Orange = move together, blue = move opposite — spot crowded exposure vs hedges.
| BTC | ETH | HYPE | SOL | CL | ZEC | SKHX | BRENTOIL | SPCX | XYZ100 | SP500 | NEAR | WLD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BTC | 1.00 | 0.92 | 0.66 | 0.90 | -0.11 | 0.70 | 0.38 | -0.11 | 0.34 | 0.46 | 0.55 | 0.71 | 0.55 |
| ETH | 0.92 | 1.00 | 0.62 | 0.91 | -0.11 | 0.75 | 0.37 | -0.11 | 0.41 | 0.47 | 0.54 | 0.67 | 0.47 |
| HYPE | 0.66 | 0.62 | 1.00 | 0.69 | -0.13 | 0.62 | 0.23 | -0.15 | 0.21 | 0.32 | 0.37 | 0.61 | 0.40 |
| SOL | 0.90 | 0.91 | 0.69 | 1.00 | -0.15 | 0.74 | 0.43 | -0.15 | 0.36 | 0.48 | 0.54 | 0.75 | 0.49 |
| CL | -0.11 | -0.11 | -0.13 | -0.15 | 1.00 | -0.24 | -0.13 | 0.98 | 0.02 | -0.16 | -0.21 | -0.13 | -0.04 |
| ZEC | 0.70 | 0.75 | 0.62 | 0.74 | -0.24 | 1.00 | 0.40 | -0.26 | 0.36 | 0.41 | 0.48 | 0.65 | 0.41 |
| SKHX | 0.38 | 0.37 | 0.23 | 0.43 | -0.13 | 0.40 | 1.00 | -0.15 | 0.32 | 0.46 | 0.33 | 0.42 | 0.13 |
| BRENTOIL | -0.11 | -0.11 | -0.15 | -0.15 | 0.98 | -0.26 | -0.15 | 1.00 | 0.04 | -0.18 | -0.24 | -0.13 | -0.05 |
| SPCX | 0.34 | 0.41 | 0.21 | 0.36 | 0.02 | 0.36 | 0.32 | 0.04 | 1.00 | 0.49 | 0.41 | 0.23 | 0.12 |
| XYZ100 | 0.46 | 0.47 | 0.32 | 0.48 | -0.16 | 0.41 | 0.46 | -0.18 | 0.49 | 1.00 | 0.89 | 0.46 | 0.32 |
| SP500 | 0.55 | 0.54 | 0.37 | 0.54 | -0.21 | 0.48 | 0.33 | -0.24 | 0.41 | 0.89 | 1.00 | 0.50 | 0.38 |
| NEAR | 0.71 | 0.67 | 0.61 | 0.75 | -0.13 | 0.65 | 0.42 | -0.13 | 0.23 | 0.46 | 0.50 | 1.00 | 0.46 |
| WLD | 0.55 | 0.47 | 0.40 | 0.49 | -0.04 | 0.41 | 0.13 | -0.05 | 0.12 | 0.32 | 0.38 | 0.46 | 1.00 |