Approaching a 100-Year Pump-Then-Dump Risk Signal The seemingly inconceivable notion that the US stock market could end 2026 in the red may represent the ultimate pump-then-dump risk for all markets. My graphic highlights that the S&P 500 Total Return Index has posted only two down years since Bitcoin launched in 2009 and shows same-chart syndrome between the Bitcoin-to-gold ratio and US stock-market cap-to-GDP. At 2.5x on June 10, modest reversion from this roughly 100-year extreme could be profound. The crocodile-jaws pattern of the collapsing Bitcoin-to-gold ratio alongside surging equities appears unsustainable. A best-case scenario may be a recovery in the crypto, following the record-setting stock market. Alternatively, Bitcoin may succumb to unchecked crypto competition. It's the risk of modest normalization in stocks that mean-reverting Bitcoin may be signaling. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tg5ih8r24ub2 {BI COMD} #gold #Bitcoin #stockmarket @Bloomberg(Mike McGlone)