Bloomberg Intelligence senior commodity strategist Mike McGlone cautioned that Bitcoin's (BTC) ongoing underperformance against US government bonds may have major implications for other asset classes, potentially leading to a broader cryptocurrency market crash if BTC stays below $80,000. He noted that as of October 30, the iShares Bitcoin ETF (IBIT) to iShares 20+ Year Treasury Bond ETF (TLT) ratio was 81 (based on a 100 benchmark at the end of 2024), indicating Bitcoin has underperformed Treasury bonds by roughly 19% since then, despite IBIT being about four times as volatile as TLT.