Correlations between bitcoin and altcoins are no secret, but in the Fan Token market, things are a little different. Drivers of Fan Token momentum include team performance, transfer activities, league position, and reward perks, with the fortunes of BTC well down the list.

You needn’t look far to confirm this: the current league leaders in England and Italy are handily outperforming crypto’s blue riband asset.

Arsenal ($AFC) and Inter Milan ($INTER) Fan Tokens vs Bitcoin

It’s been a rough few months for bitcoin, whose value has dropped 29% since hitting record highs above $120,000 in October.

This week, we learned that bitcoin’s Sharpe ratio had fallen into negative territory, reaching levels last witnessed during big drawdowns in 2018–2019 and following the 2022 market implosion.

But while BTC has haemorrhaged 29% since the month of October, the Arsenal Fan Token ($AFC) has netted 29% gains off the back of a sparkling league campaign which sees the Gunners top both the English Premier League and Europe’s premier club competition, the Champions League.

In other words, far from its fortunes being tethered to bitcoin, $AFC has outperformed ‘digital gold’ by 58 percentage points over the last three months. Clearly, sports-driven sentiment is more relevant to $AFC than what’s going on with bitcoin.

The same is true in Italy, where Inter Milan are three points clear of city rivals AC Milan after 21 Serie A matches and also guaranteed to be in the last-16 of the Champions League, with one group-stage match remaining.

The Inter Milan Fan Token ($INTER) hasn’t risen as much as $AFC since October, but it’s still up 17% since then, compared to bitcoin’s 29% loss. The Santos FC Fan Token ($SANTOS), meanwhile, is up a whopping 85% since October with star player Neymar having recently renewed his contract with the club until the end of 2026.

Of course, the counterargument would be that although bitcoin has fallen 29% since October, it tumbled from its all-time high (ATH) value, and many traders will have already cashed out handsome profits. Others, though, will have expected the price to climb further and missed their opportunity to exit the rollercoaster and lock in profits.

In any case, recent results for the aforementioned Fan Tokens demonstrates yet again the decoupling of officially licensed SportFi assets and the best-known and most valuable cryptocurrency.

Cross-correlations between bitcoin and altcoins, which show particular persistence during bitcoin’s bull phases, are sure to continue. Fan Tokens, however, will blaze their own trail as traders react to sporting sentiment, be it positive or negative.