$BTC vs. $SPYon , 12 years of daily returns (2,902 observations):

β = 0.89 (±0.13 HAC)
R² = 0.056

When stocks rip, BTC often rips nearly 1:1.

α ≈ +34% annualized

BTC delivered all three.
Equity upside.
Uncorrelated risk.
Massive alpha.