Software stocks and BTC appear to be moving together in lockstep. Metals fell hard too. Doesn't this imply AI is not the primary factor in the "SaaSpocalypse" story?

If you look at IGV (software) and BTC, they've become correlated.

https://i.imgur.com/aXd1MFD.png

I've recently heard opinions that both the new Fed Chair and a liquidity squeeze were contributing much more to the fall of software stocks than AI.

Bitcoin tracking software stocks makes little sense to me, if AI repricing stories were truly the primary factor.

Metals, software and crypto all falling hard makes me think of things like margin calls and fears of a new FED chair more than AI permanently repricing software.

Meaning - I am really doubting that the fall of software stocks was primarily about AI, despite the narrative. That should not affect crypto and metals so much, and the new Fed chair timing would also be a strange coincidence.

So currently, I'm not buying the story that AI was the primary reason for the software crash, or that it will permanently reprice software in the near future.

Curious to hear what others think.