Bloomberg analyst Mike McGlone shared a fresh take on Bitcoin’s performance versus traditional markets. His report draws some interesting parallels and raises a few cautionary flags.
Bitcoin and the S&P 500: Similar Paths, Different Risks
McGlone points out that since 2021, Bitcoin and the S&P 500 have moved in roughly the same direction. But here’s the catch: Bitcoin’s annual volatility is about three times higher. For McGlone, this suggests the “golden age” for crypto might be winding down. It’s not that Bitcoin is done, but the easy gains might be harder to come by.
The Bitcoin/SPX Ratio and What It Means
The analyst looks at the ratio between Bitcoin and the S&P 500, which currently sits around 11x. He thinks this ratio could climb past the 14x level we saw after U.S. spot Bitcoin ETFs launched in early 2024. If that happens, it might mean Bitcoin still has strong moves ahead. But it’s not a sure thing—McGlone seems to suggest it’s something to watch rather than bet on.
Money Supply Growth Isn’t Lifting Bitcoin Like Before
One surprising observation: even though the U.S. money supply has grown a lot over the last five years, and the market cap is now 2.4 times GDP (one of the highest since 1928), Bitcoin hasn’t really benefited as much as you’d expect. McGlone interprets this as a sign that Bitcoin is becoming more tied to economic fundamentals. More competition in the crypto space might also be holding it back.
$75,000 as a Key Level for 2026
McGlone highlights $75,000 as a critical threshold for Bitcoin this year. Especially if U.S. stock markets don’t set new highs, Bitcoin staying above that price could shape market sentiment. It’s not a prediction as much as a condition to monitor.
Of course, none of this is investment advice. Markets are messy, and Bitcoin has surprised everyone before.
