Bitcoin’s Decline May Signal U.S. Stock Weakness, Bloomberg Intelligence’s McGlone Says

Bloomberg Intelligence analyst Mike McGlone said Bitcoin’s decline could be a leading signal for U.S. stocks, citing elevated equity valuations. According to NS3.AI, McGlone pointed to the U.S. stock market capitalization-to-GDP ratio being about 2.5 times as of June 10. He also said the BTC-to-gold ratio and the U.S. stock market-to-GDP ratio have been falling.