Options trading and macro analysis: Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, says Bitcoin is a complete sock puppet of the stock market. When the ETFs launched, the mainstream got in and the insiders said thank you very much. That usually marks an enduring peak. The real test comes when the S&P drops 10 to 20% and stays down. Bitcoin and crypto already showed us they are not wearing clothes. His one bullish factor in the space: stablecoins. Tether is number three and he thinks it flips Ethereum and eventually Bitcoin.
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