Bitcoin and software stocks diverge sharply after years of correlation, raising questions about BTC's next move
By
James Van Straten
Crisp on the outside, thoughtful on the inside. A keeper.
Summary
Bitcoin and software stocks (tracked by the IGV ETF) have historically moved in lockstep, with bitcoin treated as a high-beta tech asset. However, since May 14, the two have sharply diverged — IGV gained roughly 12% while bitcoin fell about 10%, marking one of the largest disconnects in years. Both assets reached all-time highs in October 2025 before entering significant drawdowns. The breakdown in correlation raises questions about whether bitcoin will eventually catch up to software equities or continue to diverge.
Key quotes
· 3 pulledSince May 14, bitcoin and IGV have sharply diverged.
IGV has gained roughly 12%, while bitcoin has fallen about 10%, marking one of the largest disconnects between the two assets in recent years.
Bitcoin and IGV reached all-time highs in October 2025 before entering significant drawdowns.
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