McGlone Says Fed Rate-Hike Bets May End Risk-Asset Boom

Bitcoin’s retreat from a long-term high may warn of weakness across risk assets, Bloomberg Intelligence senior macro strategist Mike McGlone said Nov. 14, while the S&P 500 and copper have not shown similar declines.

McGlone’s 50-week moving-average chart shows BTC pulling back after an extended high in a pattern he compared with downturns in 2018 and 2022. He said Bitcoin’s rise above $100,000 in 2025 could have broader macroeconomic significance, describing the cryptocurrency as a leading indicator for risk assets since its launch in 2009.

The S&P 500 and copper have not shown similar downward trends, unlike in earlier Bitcoin bear markets. McGlone framed the divergence as either an early warning or a false signal.

He also linked rising expectations for Federal Reserve rate hikes to a possible end to a period marked by rapid gains in risk assets, wealth creation and inflation. McGlone has raised a similar concern before, warning that Bitcoin weakness could spread to stocks and metals.