According to CoinMeta and market data, the IGV software ETF has risen by about 18% in the past 90 days, reaching a new high, while Bitcoin has fallen by about 18% during the same period. In the past 30 days, the stock of this software has risen by 14%, whereas Bitcoin has only increased by 2%, indicating a gradual divergence in their trends. Following the FOMC meeting at the end of July 2026, bond traders generally believed that the Federal Reserve would raise interest rates in September, and market pricing suggested that there would be two rate hikes within the year. However, we believe this expectation is too high, especially considering that four Federal Reserve voters favored keeping interest rates unchanged in July. We think that gold and Bitcoin are likely to be the key beneficiaries, particularly against the backdrop of rising gold prices. The current question is whether Bitcoin is still affected by the same macroeconomic factors, and whether the rise in the stock of this software is still related to Bitcoin’s microeconomic factors.