DYDX: Average Move on Bitcoin Down Days [%]
Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.
dYdX's average 24-hour return on the days Bitcoin fell more than 3% and more than 5%, over the 365 days ending with each day, with Bitcoin's own average on those same days as dotted reference lines.
Why use it. It shows how much of Bitcoin's worst days a coin tends to take: more than Bitcoin (high beta), about the same or less. A market selling off is when this matters most. How to read it. Compare the two lines at the same threshold: DYDX's average further below zero than Bitcoin's means DYDX fell more than Bitcoin on those days. The value is an average over at least three such days in the past year, so it moves slowly and jumps when a new drop enters or an old one leaves the window.
Calculation. Each UTC day's return is the close against the previous close of CryptoKeyhole's own price index. A Bitcoin down day is a day its 24-hour return was below -3% (or -5%). The coin's average return and Bitcoin's average are taken over those days within the trailing 365 days; a day the coin has no close for is left out of both. The open day is a partial reading from the latest hour's close against yesterday's and settles at the close.