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Bitcoin is down about 4% this year while the S&P 500 has gained around 3%, according to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone. In an October 1 interview with Wealthion, he said Bitcoin’s high correlation with U.S. equities and greater volatility have made it look increasingly like a “stock-market puppet.”
Why it matters
McGlone said Bitcoin has lagged the stock market for nearly five years. The comparison challenges the idea that BTC is currently trading as an independent macro asset, particularly when risk appetite across equities is stronger.
He also said the broader crypto market remains in a “purge,” reinforcing his bearish view of the sector’s current position.
Market impact
McGlone continues to stand by his call that Bitcoin could fall to $10,000 and said he sees no reason to abandon it. His outlook leaves Bitcoin exposed to both equity-market weakness and the higher volatility that has amplified its underperformance.
Frequently asked questions
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How has Bitcoin performed against the S&P 500 this year?
Bitcoin is down about 4% this year, while the S&P 500 is up around 3%.
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Why does McGlone compare Bitcoin to a stock-market puppet?
He points to Bitcoin’s high correlation with U.S. equities and its greater volatility, which he says have made BTC increasingly dependent on stock-market moves.
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How long has Bitcoin lagged the stock market, according to McGlone?
McGlone said Bitcoin has lagged the stock market for nearly five years.
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What is McGlone’s Bitcoin downside target?
McGlone continues to stand by his view that Bitcoin could fall to $10,000.
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How does McGlone describe the broader crypto market?
He said the broader crypto market remains in the process of a “purge,” reinforcing his bearish outlook.
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