Update
Bloomberg Intelligence: Bitcoin Faces Critical Turning Point Against US Treasury Bonds
Bloomberg Intelligence senior commodity strategist Mike McGlone warns that Bitcoin (BTC) may be facing a major turning point against US Treasury bonds. According to McGlone, if Bitcoin's weakness persists below $80,000, the broader cryptocurrency market may face more trouble. He compares Bitcoin's performance with the iShares Bitcoin Trust (IBIT) and the iShares 20+ Year Treasury Bond ETF (TLT), noting that the former has underperformed the latter by about 19% on a normalized relative-performance basis since 2024. McGlone suggests that the poor performance of Bitcoin may indicate its best days are in the past.