Bitcoin has flunked a test that hasn’t yet begun: the next beta drawdown - Stock-market volatility staying buried is a top potential headwind for gold and tailwind for Bitcoin. The graphic highlights the ounces of gold equivalent to one Bitcoin at 18 on Jan. 23, below its key pivot since 2021 near 20, alongside the S&P 500 measured in gold ounces falling below 2020's 1.44 low. My takeaway is plunging beta and Bitcoin vs. gold may be front-running a pickup in broader market-risk metrics. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t97og7kiupta {BI COMD} #gold #bitcoin #stockmarket @markets(Mike McGlone)