A tight correlation between mega-cap tech, software stocks and Bitcoin (CRYPTO: BTC) that fueled massive gains in 2024 and 2025 has now flipped into synchronized weakness, and one Wall Street technical analyst says the message is simple: it was always “one trade.”
In a client webinar hosted on Tuesday, 22V Research analyst John Roque laid out charts showing the Magnificent Seven, the iShares Expanded Tech-Software Sector ETF (NYSE:IGV), and Bitcoin tracking one another closely over the past two years.
“It seems to me that the message is fairly clear. It’s all one trade,” Roque said.
“It was all one trade in 2024 and 2025, and then as it rallied into the coincident peaks in the autumn of 2025, and they’ve all been weak since, but of course, Bitcoin and the IGV have been weaker.”
The iShares Expanded Tech-Software Sector ETF IGV recently traded near $80, well below its 40-week moving average around $106.
Roque said the ETF’s technical score is zero, with risk toward $60 if oversold conditions fail to spark a bounce.
Chart: Magnificent Seven (Blue Line), Software Stocks IGV (White) and Bitcoin (Orange)
