Bitcoin Trades Like Software as IGV Correlation Hits Multi-Year High
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- Bitcoin has shown a 0.73 correlation with the iShares Expanded Tech-Software ETF (IGV).
- Shared short-term, risk-on traders have pulled BTC into the same selloff.
- Market data shows risk-off conditions, with BTC below key moving averages.
Bitcoin’s price action has closely tracked the iShares Expanded Tech‑Software ETF (IGV) for more than five years. The current 30‑day correlation stands at 0.73, stronger than Bitcoin’s correlation with the Nasdaq‑100. During the latest selloff, Bitcoin and software equities moved almost tick-for-tick.
Gold correlation has faded to near zero. Bitcoin failed to act as a hedge or defensive asset, instead tracking the sell-off in high-multiple software and growth stocks as risk appetite faded.
The Investor Base Is the Link
According to Strike CEO Jack Mallers, Bitcoin has been treated by markets as a software stock, not …
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