Wu Blockchain reports that Bloomberg Senior Commodity Strategist Mike McGlone tweeted that the crypto bear market might still be in its early stages. He mentioned that if β (market risk) trends downward, Bitcoin could drop to $10,000. McGlone disclosed that since the launch of Bitcoin ETFs in January 2024, the iShares Bitcoin Trust ETF (IBIT) has delivered total returns roughly on par with the SPDR S&P 500 ETF Trust (SPY), but with volatility approximately 4 times higher. The 200-day correlation between the two is close to 0.5. He noted that in the absence of higher returns, high volatility and correlation are generally unfavorable for asset allocation. Additionally, he pointed out that since Bitcoin's inception in 2009, the number of crypto assets has grown to millions, with many lacking substantial backing yet still valued in the billions of dollars. https://(wublock123.com)/news/mike-mcglone-says-bear-market-early-bitcoin-may-fall-to-10000-59434