Software Stocks Outrun Bitcoin as Rare Divergence Widens

Bitcoin traded largely in step with software equities over the past five years, reinforcing its reputation as a high-beta technology asset sensitive to liquidity and risk appetite. Both peaked in October 2025 before bitcoin fell about 50% and the iShares Expanded Tech-Software Sector ETF, or IGV, dropped roughly 37%. Software shares were pressured by concerns that artificial intelligence could undermine traditional SaaS models, while competition from AI for capital, energy and computing infrastructure added another challenge for crypto markets.

CoinDesk reported on June 1, 2026, that IGV had advanced about 12% since May 14 while bitcoin declined roughly 10%, one of their widest recent splits. IGV had rallied 36% from its April 10 low and reclaimed its 200-day moving average, with its 20-day rolling correlation to bitcoin falling to 0.58. The fund closed Friday near 98 and traded around 104 before Monday’s open, while bitcoin changed hands near $73,000, below its 200-day average of $79,388.