As shown on the chart below, the iShares Expanded Tech-Software Sector ETF (IGV) and bitcoin look like twins...
Source: Bloomberg
Bitcoin is experiencing severe sell-off pressure, with one of the worst days of the decade similar to past crisis moments (COVID crash, Terra Luna, FTX).
BTC is extremely oversold: daily RSI hit 16 and weekly RSI fell below 30 for only the 4th time ever. Historically, buying at these levels and holding for one year has delivered strong returns (+112% in 2015, +136% in 2019, +26% in 2022). Source: Trendspider
The $BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling.
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning". Source: Glassnode
At yesterday's low of $60k, bitcoin was down over 52% from its October 2025 peak.
This was its 9th 50+% decline off an all-time high since it began trading on exchanges back in 2010. $BTC Source: Charlie Bilello
Over 9.3M Bitcoins are underwater, the highest supply in loss since January 2023, per Glassnode.
Source: www.cointelegraph.com
Bitcoin Returns since 2010...
Source: Charlie Bilello
They used to be the same...
Imagine if $BTC still carries some of that aggregate investor psychology... The gap vs NASDAQ remains absolutely huge. Source: TME
Glassnode: "The $BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling."
"These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning". Source: Glassnode
