- The Beluga Brief
- Posts
- š³ Weekly Edition: Bitcoin Shows Relative Strength, Reversal Incoming?
š³ Weekly Edition: Bitcoin Shows Relative Strength, Reversal Incoming?
The conflict in Iran is driving markets wild, meanwhile Bitcoin seems not to care
Beluga & Will McKinnon
March 13, 2026
Bitcoin woke up with some real energy this morning, surging over $73,500 after it fell to $60k just 7 days ago. The pump didnāt last and it looks like it will end the day just above the $70k mark, but regardless the relative strength in light of the chaos in the world right now.
For months Bitcoin has traded in lock-step with tech and software companies, but this week seemingly started to break that trend. If you plotted the chart of IGV (BlackRock Software ETF) against Bitcoin over the last year, the similarities are pretty shocking.
BTC vs IGV Recent Performance
The unfortunate conclusion from this action for āDigital Goldā narrative bulls is that Bitcoin is tracking with software companies rather than the physical gold itās supposed to emulate. With the small break in trend this week however, this could be the start of that relationship changing, and is definitely something to keep an eye on.
The salvation many were hoping would come from regulators finally passing a market structure bill continues to be kicked down the road, as itās now looking like we should expect to see the final vote come between May and June. Interestingly, prediction markets are still rating the likelihood of the CLARITY Act passing in 2026 at over 70%.
This week did mark the launch of BlackRockās first staked Ethereum ETF with $100M in assets, which holds spot ETH and stakes between 70% and 95% of its holdings via Coinbase Prime. Staking has long been regarded as a major future milestone for crypto ETFs as they transform passive assets into yield-bearing instruments, so Iām viewing this as a potentially major positive catalyst for ETH going forward.
Prediction markets are finally making the world a better place!
Check out our latest articles below!