Summary
- Bloomberg strategist Mike McGlone warns that Bitcoin’s weakness below $80,000 could increase risks of a broader cryptocurrency market crash.
- Bitcoin’s ETF underperformed long-term US Treasury bonds by approximately 19%, raising concerns about its relative investment market performance.
- Despite institutional adoption and President Donald Trump’s cryptocurrency support, Bitcoin struggles to outperform government bonds, strengthening McGlone’s bearish outlook.
Bitcoin could face another major decline as Bloomberg Intelligence strategist Mike McGlone warns that its weakening performance threatens the broader cryptocurrency market. According to McGlone’s recent X post, Bitcoin’s underperformance against US Treasury bonds could signal mounting risks across financial markets.
The strategist identified $80,000 as a critical price level, warning that sustained weakness below this threshold could trigger broader cryptocurrency losses. His assessment follows growing concerns about Bitcoin’s ability to outperform traditional investment assets despite increased institutional participation.
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Bitcoin Underperforms US Treasury Bonds as Key Market Indicator Weakens
McGlone supported his warning by comparing BlackRock’s iShares Bitcoin Trust (IBIT) with the iShares 20+ Year Treasury Bond ETF (TLT). According to the strategist, the IBIT/TLT performance ratio reached 81 on October 30, indicating Bitcoin’s weaker position against Treasury bonds.
McGlone established a baseline of 100 at the end of 2024 to measure relative investment performance. The latest reading indicates that the Bitcoin ETF underperformed its Treasury bond counterpart by approximately 19% during the measured period.
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Significantly, the ratio has struggled to remain above 100 since the fourth quarter of 2025. McGlone also noted that IBIT experiences approximately four times the volatility recorded by the Treasury bond ETF.
McGlone Questions Bitcoin’s Performance Following Major 2024 Developments
McGlone questioned whether Bitcoin’s strongest growth period has already passed despite major developments supporting cryptocurrency adoption. The strategist highlighted 2024 as an important year following the introduction of spot Bitcoin exchange-traded funds in the United States.
Additionally, McGlone referenced President Donald Trump’s transformation from a cryptocurrency critic into a prominent industry supporter. Despite these developments, Bitcoin has failed to outperform long-term US Treasury bonds over the period covered by his comparison.
Bitcoin’s $80,000 Level Remains Central to Broader Market Warning
McGlone’s warning extends beyond Bitcoin, with the strategist identifying potential implications for cryptocurrencies and other financial assets. The $80,000 threshold remains central to his assessment of Bitcoin’s market position and potential downside risks.
Further weakness below this level could reinforce concerns about broader instability in the cryptocurrency market. McGlone’s analysis also points to Bitcoin’s relative performance against government bonds as another indicator of potential market pressure.
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