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Bloomberg's Chief Commodity Strategist Mike McGlone stated that Bitcoin is transitioning from a leading risk asset to a leading decline signal, and a comparison of Bitcoin with the S&P 500 magnified 10 times shows that beta assets will enter a downward year in 2026. Mike McGlone pointed out that the decline of the S&P 500 in 2018 and 2022 coincided with the Bitcoin downturn cycle and the US midterm elections, making it rare to see a combination of low volatility stocks and high-risk commodities at present. Bitcoin and gold retreated 0.5% from the high of 126000 US dollars in 2025, and the total return index of US treasury bond bonds may form a bottom at the low point since 1983. The market needs to wait for the ratio of S&P 500 to GDP to fall from the high point.