ChainCatcher message, Bloomberg commodity strategist Mike McGlone stated on platform X that the Bitcoin/gold ratio may lead the market downtrend. He pointed out that the current nearly unprecedented premium level of U.S. stocks has shown signs of peaking and may return to normal levels, while the equivalent ounce ratio of gold and Bitcoin can serve as an important reference indicator.

McGlone emphasized that since 2008, the S&P 500 total return index has only experienced two annual declines, such situations often put pressure on the cryptocurrency market. His model shows that risk assets may reach a cyclical low by 2025.