Bloomberg analyst warns BTC losing ground to U.S. Treasuries

Mike McGlone, a macro strategist at Bloomberg Intelligence, indicated that Bitcoin's poor performance against U.S. Treasuries since late 2024 may suggest its prime has passed. He noted that Bitcoin is losing traction to U.S. government bonds, which could have significant implications across asset classes. The iShares Bitcoin Trust ETF (IBIT) is weakening against the iShares 20+ Year Treasury Bond ETF (TLT), with the IBIT/TLT ratio at 81 as of Oct. 30, failing to maintain the baseline of 100 since Q4 2025. Despite IBIT exhibiting about four times the volatility of TLT, its underperformance could signal the end of Bitcoin's peak era. McGlone highlighted that 2024 was pivotal with the launch of U.S. spot Bitcoin ETFs and a shift in President Donald Trump's stance on crypto. He emphasized that U.S. Treasuries, being among the most leveraged markets globally, have outperformed Bitcoin for nearly two years, which may indicate future trends if Bitcoin remains below 80000.