A warning has emerged that the broader cryptocurrency market could be shaken if bitcoin continues to weaken against U.S. Treasuries. U.Today reported on Nov. 1 that Bloomberg Intelligence senior commodity strategist Mike McGlone (마이크 맥글론) said bitcoin is at a major inflection point in its relative performance versus U.S. Treasuries.

McGlone cited $80,000 for bitcoin as a key price line. He wrote on X that bitcoin could be slipping at a key inflection point against U.S. Treasuries and that this trend could have broad effects across all assets. If bitcoin stays weak below $80,000, the cryptocurrency market could come under greater pressure.

He cited as evidence the relative performance of BlackRock's iShares Bitcoin Trust (IBIT) and the iShares 20+ Year Treasury Bond ETF (TLT). Using the end-2024 reading as 100, the IBIT-to-TLT ratio was 81 as of Oct. 30. That means the bitcoin ETF lagged the long-term Treasury ETF by about 19 percent in relative performance over the same period.

The ratio has failed to hold the 100 level since the fourth quarter of 2025. McGlone focused on the fact that relative performance is slipping even though IBIT's volatility is about four times higher than TLT's. That means holding long-term Treasuries has performed relatively better than bitcoin since the end of 2024.

McGlone pointed to 2024 as a symbolic year when the launch of U.S. bitcoin ETFs coincided with President Donald Trump's shift toward a pro-cryptocurrency stance. But bitcoin has not outperformed U.S. Treasuries since then. He saw the underperformance as possibly signalling the end of bitcoin's heyday.

He also assessed the U.S. Treasury market as one of the most widely used for leverage in the world. The trend of long-term Treasuries outperforming bitcoin for about 2 years could be a signal showing what markets should expect if bitcoin stays below $80,000, he added.