Bitcoin's Hangover Could Have Severe Implications - Bitcoin's same-chart syndrome alongside the stock market has broken down. Is it a warning or feint? My bias is the former. There may be a good reason the first-born crypto (now there's millions) has languished since 2021 -- the biggest money pump in history was Bitcoin's time to shine. Now it's the hangover. When Bitcoin first traded at this year's $60,000 low in 2021, M2 money supply had just jumped about 30%, the greatest increase in history, and US exchange-market capitalization was closer to $33 trillion. Now it's roughly $69 trillion (down from the $73 peak in Jan). My chart highlights risks that the reverting crypto may imply for the economy. If the leading indicator is driving risk-asset reversion, that may be all that matters. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tbu1eckip3kb {BI COMD} #Bitcoin #stockmarket #macroeconomics @markets(Mike McGlone)