Gate News update, April 13, Bloomberg senior commodities strategist Mike McGlone tweeted that the crypto bear market may be in its early stage, and said that if market risk (β) falls, Bitcoin could drop back to $10k. He disclosed that since Bitcoin ETFs began trading in January 2024, the iShares Bitcoin Trust ETF (IBIT, BlackRock’s Bitcoin ETF) and the SPDR S&P 500 ETF Trust (SPY, S&P 500 index ETF) have roughly matched total returns, but the former’s volatility is about 4 times that of the latter, and the 200-day correlation is close to 0.5. McGlone pointed out that in the absence of higher returns, high volatility and correlation are generally unfavorable for asset allocation. Meanwhile, he said that since Bitcoin was born in 2009, the number of crypto assets has reached the millions, most of which lack meaningful support but still have valuations in the tens of billions of dollars.
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