Is there a correlation between bitcoin and blockchain-related stocks?

Based on analysis by The Block, the correlation between the returns on blockchain-related stocks and bitcoin has been largely insignificant. A few stocks have shown small levels of correlation for brief periods of time, but in general, these companies appear to have little relationship to the returns of bitcoin prices.

For this analysis, we took the stocks listed in Amplify’s Blok ETF, an actively managed ETF containing companies that utilize and develop blockchain technologies to varying degrees. For simplicity, we took out the stocks that were not listed on the NYSE and NASDAQ exchanges as well as the companies that did not have sufficient pricing data (OPRA and DOCU had recent IPO’s). This left us with the 34 companies listed below.