Software stocks have shown a rare divergence from Bitcoin (BTC), with the iShares Expanded Tech-Software Sector ETF (IGV) climbing to a one-year high relative to the largest cryptocurrency. IGV has rallied 40% from its April low and is now down only 1% in 2026, while Bitcoin has fallen 29%. Their 20-day rolling correlation has also turned negative for the first time since May 2024. Analysts note that similar negative-correlation episodes occurred during Bitcoin's 2018 bear market, the 2020 Covid shock, and China's 2021 mining ban, with Bitcoin eventually catching up each time.