Theta Network volatility and risk: how violent it has been
2,775 daily moves since 10 Apr 2019. On a typical day THETA moves 3.0% in one direction or the other; on 1 day in 20 it has lost more than 8.5%, and its deepest fall from a record close was −99%.
Volatility is the standard deviation of daily log returns multiplied by the square root of 365, the usual way to put it on a yearly scale. “1 in 20” and “1 in 100” are the 5th and 1st percentiles of all daily moves, read straight from the history with no model.
The 10 largest one-day falls, and what followed
| Day | Move | Close | 7 days later | 30 days later |
|---|---|---|---|---|
| 12 Mar 2020 | −47.8% | $0.05167 | +26.9% | +52.9% |
| 19 May 2021 | −40.2% | $5.84 | +30.9% | +54.2% |
| 10 Oct 2025 | −33.7% | $0.4690 | +15.1% | +3.2% |
| 11 May 2022 | −25.2% | $1.33 | −8.6% | −1.7% |
| 21 Jun 2021 | −25.1% | $6.52 | +6.3% | −32.2% |
| 7 Sep 2021 | −23.7% | $7.03 | −8.0% | −7.4% |
| 27 May 2020 | −19.6% | $0.3240 | −14.8% | −28.6% |
| 9 May 2022 | −19.4% | $1.68 | −19.9% | −21.2% |
| 22 Jan 2022 | −19.1% | $2.76 | +8.3% | −3.0% |
| 27 Dec 2020 | −19.1% | $1.35 | +57.4% | +69.4% |
After these 10 falls, THETA was higher a week later in 6 of 10 cases and higher 30 days later in 4 of 10. 10 hand-picked extremes are an anecdote, not a test. The full count is on the 10% drop in a day study: 63 scored cases, verdict “weak evidence”.
The 10 largest one-day gains, and what followed
| Day | Move | Close | 7 days later | 30 days later |
|---|---|---|---|---|
| 26 Dec 2020 | +30.1% | $1.67 | +43.8% | +24.4% |
| 26 Feb 2024 | +29.6% | $1.82 | +29.6% | +64.2% |
| 23 Mar 2021 | +28.9% | $12.90 | −0.1% | −23.2% |
| 20 May 2020 | +28.0% | $0.2790 | +16.2% | −19.7% |
| 30 Nov 2024 | +27.9% | $3.07 | −0.4% | −24.0% |
| 8 Feb 2021 | +27.0% | $2.91 | +16.5% | +123.2% |
| 20 May 2021 | +24.7% | $7.29 | +8.1% | +20.9% |
| 13 Feb 2020 | +24.3% | $0.1719 | −22.9% | −64.5% |
| 7 Nov 2025 | +23.9% | $0.5180 | −20.1% | −36.3% |
| 12 Jun 2020 | +23.5% | $0.2526 | −11.3% | +11.0% |
After these 10 gains, THETA was higher a week later in 5 of 10 cases and higher 30 days later in 5 of 10. The full count is on the 10% jump in a day study: 87 scored cases, verdict “weak evidence”.
Moves are from one daily close to the next (00:00 UTC), Binance spot. “Open” means that many days have not passed yet.
Theta Network and Bitcoin
Over the last 365 days THETA has moved closely with Bitcoin: the correlation of their daily moves is 0.68, where 1 means in step and 0 means unrelated. For each 1% Bitcoin moved in a day, THETA moved about 1.24% on average.
| Period | Days | Correlation | Move per 1% of Bitcoin |
|---|---|---|---|
| Last 90 days | 90 | 0.69 | 1.41% |
| Last 365 days | 365 | 0.68 | 1.24% |
| All shared history | 2,775 | 0.61 | 1.10% |
Daily close-to-close moves on the 2,775 days both pairs traded. What THETA did in the week after a Bitcoin shock is tested separately: after Bitcoin drops 5% in a day.