Bitcoin and software stocks diverge after years of correlation
The iShares Expanded Tech-Software Sector ETF has rallied 36% since April 10, reclaiming its 200-day moving average.
The ETF has gained roughly 12% since May 14, while bitcoin has fallen about 10%, marking a significant disconnect between the two assets.
Bitcoin’s 20-day rolling correlation with the ETF has fallen to 0.58, a level last seen before major bitcoin rallies in late 2023 and mid-2024.