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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Connor SephtonWed, Aug 27, 2025, 5:34 PM 4 min readA top Bloomberg analyst is sounding the alarm on Bitcoin’s extraordinary bull run — and hinting that it may no longer be sustainable.Mike McGlone was long one of the most bullish voices in the crypto space, and confidently predicted BTC would hit $100,000 years before it happened.He rightly argues that Donald Trump played an instrumental role in getting the world’s biggest cryptocurrency into six-figure territory — not least because of his many pro-BTC policies on the campaign trail.But in examining how Bitcoin has performed against other asset classes over the past 12 months, he comes to an uncomfortable conclusion: returns have been far healthier for gold. McGlone wrote:“Since December 6, Bitcoin’s roughly 10% gain compares with a 28% surge for gold and 7% for the S&P 500. Born of the financial crisis, cryptocurrencies have led an unprecedented outperformance period for US risk assets that may now be reaching a turning point.”The Bloomberg Intelligence senior commodity strategist theorizes that we may be around to reach “peak bubble” — drawing comparisons with the Great Depression back in 1929, or the almighty stock market crash that roiled Japan’s economy in 1989.That being said, some Bitcoiners would rankle at McGlone’s analysis. In a recent research note seen by Cryptonews, he argues that BTC now has more than 20 million competitors in the crypto space. Maxis would shoot back without hesitation, and say altcoins are completely incomparable.Nonetheless, there are other data points causing concern here — including how Bitcoin’s correlation to the S&P 500 over the past 48 months has been close to record highs. What’s more, McGlone points to charts that show the S&P 500’s total returns have only ended in negative territory twice since 2008, indicating that there might be a high degree of complacency among traders.“The ratio of benchmark digital-asset Bitcoin to store-of-value gold has been a leading indicator, but is trailing in 2025. Is it a sign of overdue reversion in risk assets?”Reading between the lines, McGlone comes to a stark conclusion: the S&P 500’s performance between now and the end of the year could hold the keys for Bitcoin — and determine whether the current bull run will continue.“Our view is the S&P 500 must maintain its gains, or else. A down year for beta would counter consensus and could spark a next big trade favoring US Treasuries, on the back of record-setting gold.”Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,514.50 -3.00 (-0.05%)Dow Futures45,654.00 -52.00 (-0.11%)Nasdaq Futures23,749.50 -19.50 (-0.08%)Russell 2000 Futures2,383.20 +1.00 (+0.04%)VIX14.43 -0.42 (-2.83%)Gold3,475.70 +1.40 (+0.04%)PortfolioSign in to access your portfolioSign inTop gainersPSTG Pure Storage, Inc. 80.54 +19.68 (+32.34%)SNOW Snowflake Inc. 241.00 +40.61 (+20.27%)BILL BILL Holdings, Inc. 49.20 +7.57 (+18.18%)TCOM Trip.com Group Limited 75.03 +9.74 (+14.92%)TIGR UP Fintech Holding Limited 12.81 +1.24 (+10.72%)Top losersARX Accelerant Holdings 21.57 -7.72 (-26.36%)TLX Telix Pharmaceuticals Limited 10.15 -1.95 (-16.12%)HMY Harmony Gold Mining Company Limited 12.61 -2.06 (-14.04%)HRL Hormel Foods Corporation 25.22 -3.80 (-13.09%)COO The Cooper Companies, Inc. 64.58 -9.53 (-12.85%)Most activeWBA Walgreens Boots Alliance, Inc. 11.98 0.00 (0.00%)NVDA NVIDIA Corporation 180.17 -1.43 (-0.79%)OPEN Opendoor Technologies Inc. 4.2700 +0.2500 (+6.22%)LCID Lucid Group, Inc. 2.0700 -0.0100 (-0.48%)RGTI Rigetti Computing, Inc. 16.58 +1.19 (+7.73%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersMRVL Marvell Technology, Inc. 77.23 +2.44 (+3.26%)DELL Dell Technologies Inc. 134.05 +1.55 (+1.17%)AFRM Affirm Holdings, Inc. 79.99 +2.40 (+3.09%)IREN IREN Limited 23.04 +0.69 (+3.06%)ULTA Ulta Beauty, Inc. 530.63 -3.18 (-0.60%)Top economic events