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Software stocks break away from bitcoin as IGV hits 1-year high
IGV is up 40% from its April low versus bitcoin down 29% in 2026, and the 20-day correlation between IGV and BTC has turned negative for the first time since May 2024.
CoinDesk reports that the relationship between bitcoin and software stocks has shifted, with the iShares Expanded Tech-Software Sector ETF, IGV, reaching a one-year high against bitcoin.
According to the outlet, the IGV versus BTC ratio has climbed to about 0.0016, after the pairing largely traded in lockstep for years but began to diverge in May.
CoinDesk says IGV is down just 1% in 2026 and has rallied 40% from its April low, while bitcoin has fallen 29% in 2026. It also notes that the 20-day rolling correlation between IGV and BTC turned negative for the first time since May 2024.
The outlet adds that prior negative-correlation periods, seen during bitcoin’s 2018 bear market, the Covid shock in 2020, and China’s 2021 bitcoin mining ban, were followed by bitcoin catching up and the correlation turning positive again.
CoinDesk frames the current split as a test of whether software’s relative strength is temporary or signals a longer-lasting separation between digital assets and technology equities.
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