Bitcoin's Correlation with Software Stocks Hits Record Low

For years, software stocks and Bitcoin have generally moved in tandem, but their relationship has started to loosen since May this year.

The iShares Expanded Tech-Software Sector ETF (IGV), which tracks the US software sector, has recently shown significant strength, while Bitcoin remains in a deep pullback range this year.

While IGV is down only about 1% in 2026, Bitcoin has declined roughly 29% over the same period. In contrast, IGV has rebounded by about 40% and is approaching historical highs; Bitcoin is still about 50% below its all-time high.

The ratio of IGV to Bitcoin has risen to around 0.0016, reaching a one-year high, indicating that software stock assets have outpaced Bitcoin's recovery speed.