Bloomberg Intelligence senior commodity strategist Mike McGlone warned that Bitcoin is losing ground to gold and long-dated U.S. Treasuries, and the slide could spread to risk assets. He said the Bitcoin-to-gold ratio is more likely to fall toward 15 than rise toward 25, and that the ratio has closely followed the Nasdaq-100 Index. In a separate post comparing iShares 20+ Year Treasury Bond ETF (TLT) with BlackRock's iShares Bitcoin Trust (IBIT), he put the IBIT-to-TLT ratio at 81 on October 30, below the 100 level he set at the end of 2024, and said it has not stayed above 100 since the fourth quarter of 2025. Bitcoin was around $77,300 on Saturday, 3.4% below $80,000, and McGlone said bonds outperforming Bitcoin for about two years could show what's to come if it stays below that level.
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Related tickers and likely impact
BTC/USDT
▼ Likely negativeBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/30/2026 | 77,368.77 |
| Change that session | -0.80% |
XAU/USD
▲ Likely positiveRelevance: low
| Market | Gold |
|---|---|
| Close on 10/30/2026 | 3,875.51 |
| Change that session | -3.63% |
PAXG/USDT
▲ Likely positivePAX Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/30/2026 | 3,901.71 |
| Change that session | -2.81% |
XAUT/USDT
▲ Likely positiveTether Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.2B |
| Close on 10/30/2026 | 3,884.80 |
| Change that session | -3.05% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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