Reflation or Deflation in 2026? Reflation may imply higher Bitcoin prices and rising US Treasury bond yields, yet the top Bitcoin ETF (IBIT) has been languishing relative to the leading T-bond ETF (TLT) since November 2024. Up or down in this ratio in 2026? My bias is down. Full report is on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t7pyu9kgzaj0 {BI COMD} #bitcoin #bonds #macroeconomics @BBGIntelligence(Mike McGlone)