Lucky vs. Reversion 2026 - Bitcoin May Be Guiding Toward the Latter - "Lucky" might mean maintaining US stock market cap-to-GDP at about a 100-year high and Nasdaq 180-day volatility near an eight-year low - And Bitcoin above $74,000 - Staying below $64,000 could trigger deflationary dominoes - Peak Bitcoin and gold's alpha grab in 2025 may have been luck - It could take a lot of luck for the stock market, copper, silver, crude oil, T-bond yields and even overstretched gold to avoid following collapsing cryptos - There was one in 2009; now there are millions - I'm going with the normal risks of reversion in 2026 - The chart highlights what's different from the last time NDX 180-day volatility stayed below 15% in 2017: stock-market cap-to-GDP was closer to 1.5x vs. 2.3x now and Bitcoin was rising to its $10,000 threshold Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/talo68kgzakh {BI COMD} #bitcoin #gold #stockmarket #commodities(Mike McGlone)