Bitcoin Decouples Further from Software Stocks as Correlation Hits 0.58

Bitcoin has materially decoupled from U.S. software stocks, falling roughly 10% since May 14 while the iShares Expanded Tech-Software ETF (IGV) rallied about 12%. The 20-day correlation has dropped to 0.58, matching levels seen before Bitcoin’s late-2023 and mid-2024 rallies. Bitcoin is now trading near $73,000, about 10% below its 200-day moving average of $79,388, whereas IGV has reclaimed its own 200-day average after a 36% surge since April 10. Analysts note the divergence could signal Bitcoin outperformance driven by crypto-specific fundamentals rather than growth-equity momentum.