Bitcoin’s Correlation With Software Stocks Surges, Challenging Digital-Gold Narrative

Bitcoin earned its “digital gold” label from its scarce supply and inflation-resistant properties. But since institutions began adding it to multi-asset portfolios through spot ETFs, its trading has increasingly been driven by interest rates, the dollar and global liquidity. Strategy’s leveraged Bitcoin-buying model has further linked crypto risk with software stocks, making Bitcoin behave more like a high-beta growth asset and raising questions about whether investors can rely on it for diversification.

By the end of February 2026, Bitcoin’s 30-day correlation with the iShares Expanded Tech-Software Sector ETF (IGV) had risen to 0.73 and had remained above 0.5 for more than 18 months. Bitcoin had also fallen 50% from its October 6, 2025, peak of $126,210. NYDIG said on March 8, however, that the 90-day correlation was close to 0.5, meaning equities could explain only 25% of Bitcoin’s price movements. Both assets are influenced by macroeconomic conditions and liquidity, which is not yet sufficient evidence of structural convergence.