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On 2026-04-22 Jordi Visser (@jvisserlabs) flagged a correlation break
Brief
Jordi Visser (@jvisserlabs) argues a growing decoupling between Bitcoin and software stocks, driven by Bitcoin miners and echoed in NBIS and CRWV. He notes IGV's top 10 performers since the March 30 lows are crypto-heavy while ORCL nears a break above its 50‑day MA since Oct. He warns CPI > '3m bills' would put BTC in its 'best quadrant' and says compute is running out for AI.
Why it matters
On 2026-04-22 Jordi Visser (@jvisserlabs) flagged a correlation break: BTC has broken away from software, with Bitcoin miners leading the divergence and similar breaks appearing in NBIS and CRWV.
Key details
- During the SPX rally, software ex‑BTC names are lagging; the 10 best performers in the IGV ETF since the March 30 lows are, per the author, 'filled with Crypto names.'
- ORCL led the IGV move lower and as of Apr 22 is close to breaking above its 50‑day moving average for the first time since Oct; the author claims 'we are about to enter the best quadrant for BTC since inception if CPI gets above 3m bills' and that 'the world is running out of compute to feed AI.'