Mike McGlone, a senior commodity strategist at Bloomberg Industry Research, believes that a key turning point for Bitcoin ( BTC ) relative to U.S. Treasury bonds may indicate a decline in the broader cryptocurrency market.
In a recent post on X, Maglon warned that Bitcoin's continued underperformance relative to U.S. government bonds could have a significant impact on other asset classes.
"Bitcoin may be retreating at a critical juncture in the face of U.S. Treasury bonds, which has a wide-ranging impact on all assets," Maglon writes.
This Bloomberg strategist stated that $80,000 is a key price level for Bitcoin. He pointed out that if BTC continues to weaken below this level, then the cryptocurrency market may face more troubles.
Bitcoin and U.S. Treasury Bonds
Maglon illustrates his bearish view on Bitcoin by comparing BlackRock’s iShares Bitcoin Trust ( IBIT ) with iShares 20-year US Treasury bonds ( ETF ) ( TLT ).
According to Maglon's data, as of October 30th, the ratio of IBIT to TLT was 81. He set the initial value at the end of 2024 to 100 here.
This means that, based on standardized relative performance, the performance of this Bitcoin ETF during this period is about 19% worse than that of this government bond ETF.
In addition, since the fourth quarter of 2025, the IBIT / TLT ratio has struggled to reach the 100 level.
It is worth noting that McGlon stated that the volatility of IBIT is approximately four times that of TLT, hence its relatively poor performance is concerning.
Although Bitcoin itself has significantly higher volatility, since the end of 2024, investors holding long-term government bonds have performed relatively better.
Has the glorious era of Bitcoin come to an end?
Meanwhile, Bloomberg's Magron also raised the question of whether the golden age of Bitcoin has come to an end.
He mentioned that 2024 has been an extraordinary year for cryptocurrencies, with the US spot Bitcoin ETF being approved for listing, and President Donald Trump also shifting from a critic of cryptocurrencies to a public supporter.
However, since then, Bitcoin has not outperformed traditional government bonds.
McGlon believes that the poor performance of this cryptocurrency may indicate that its best days have passed.
