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Global financial markets started the new week amid high uncertainty, driven by Bitcoin’s price decline, volatility in gold, and strategic shifts in U.S. Treasury bonds. Industry experts weighed in on the current state of the crypto market and the risks ahead. Bloomberg Senior Strategist Mike McGlone reiterated his bearish outlook on Bitcoin and the broader crypto space.
Mike McGlone: “We Are in a Crypto Bear Market”
Bloomberg Senior Commodity Strategist Mike McGlone maintained his pessimistic stance, comparing the current situation to historical examples. According to McGlone, past periods of excessive optimism in crypto resemble speculative “tulip mania”-like bubbles, and the market is clearly in a bear phase now. He suggested that the biggest macro opportunity lies not in crypto, but in U.S. Treasury bonds. McGlone expects a decline in 10-year U.S. Treasury yields and stated:
“This year’s biggest macro trade will be in long-term Treasuries.”
He also noted that gold is currently overvalued, with downside risks continuing in silver, copper, and other commodities.
Dave Weisberger: “This Could Be a Bear Trap”
CoinRoutes CEO Dave Weisberger offered a different perspective on Bitcoin’s recent sharp moves. He suggested that the drop could represent a “bear trap” or “dead cat bounce,” pointing out that the sell-off was mainly due to institutional investors managing risk ahead of the weekend.
Weisberger dismissed claims that ETFs and futures are suppressing Bitcoin’s “paper price,” calling them “completely nonsense.” He emphasized that Bitcoin still has a liquid spot market and that liquidations of leveraged positions are a natural part of bottom-formation processes.
James Lavish: “The Real Risk Is in the Bond Market”
CIO and Macro Strategist James Lavish highlighted the potential U.S. Treasury-Fed coordination as the most critical factor for global markets. He also warned that China starting to reduce its holdings of U.S. Treasuries is not being taken seriously enough.
“The entire market is driven by debt and bonds. That’s the fundamental engine behind everything.”
Lavish added that while spot Bitcoin ETFs must hold physical Bitcoin, overall risk appetite still drives Bitcoin to move alongside NASDAQ and tech stocks when sentiment declines.
Rare Consensus on Stablecoins
One topic where all three experts agreed, albeit rarely, was the future of stablecoins. Mike McGlone predicted that Tether could surpass Ethereum in market cap soon. Weisberger and Lavish argued that stablecoin regulations are inevitable for the acceleration of the financial system, but banks are reluctant to lose profit share in this area. Bloomberg’s message is clear: crypto markets remain in a bear cycle. However, some industry insiders believe that the recent declines may represent a temporary correction rather than a structural collapse. Moving forward, Treasury markets, macroeconomic risks, and stablecoin regulations will continue to be key factors shaping the direction of Bitcoin and the broader crypto market.
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