According to CoinMeta, software stocks are decoupling from Bitcoin (BTC), with the current Bitcoin price at $64,205.01. The ratio of iShares extended technology software industry ETF ( IGV ) to Bitcoin has reached 0.0016, setting a new high for the year. Bitcoin and IGV have remained largely synchronized for many years, but their relationship began to break down since May. In 2026, IGV has only fallen by 1%, while Bitcoin has dropped by 29%. For the first time, their 20-day rolling correlation has turned negative. IGV has rebounded 40% since its April low, when the market panicked about the “software as a service doomsday” driven by AI. This ETF is currently only 13% below its historical high, while Bitcoin is about 50% lower. Similar negative correlations in history have occurred during Bitcoin’s bear market in 2018, the COVID shock in 2020, and China’s ban on Bitcoin mining in 2021, and each time Bitcoin eventually caught up, with the correlation turning positive again.