Gold has quietly outrun Bitcoin by a wide margin — and one Wall Street analyst says that gap tells the real story of where markets are headed.
Bitcoin’s ETF Gains Pale Against Gold’s Run
Since the launch of US spot Bitcoin exchange-traded funds in early 2024, BlackRock’s iShares Bitcoin Trust helped push Bitcoin’s price up roughly 50%.
Gold, over the same stretch, climbed about 135%. That performance gap is central to the argument being made by Mike McGlone, senior commodity strategist at Bloomberg Intelligence, who says capital may already be moving away from high-risk assets toward safer ground.
McGlone has been laying out his case through a series of posts on X, warning that the explosive run Bitcoin made past $100,000 following the arrival of spot ETFs may now be over.
Bitcoin is currently trading around $72,000. McGlone’s downside target is $10,000. Getting there would require a drop of more than 86%.
Bitcoin May be Guiding Risk Asset Reversion
The launch
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