It May Be the Endgame - Gold and Bitcoin Are Reverting; Is Beta Next? On a 1-to-10 scale, the elevated US stock market appears to be a 10 as a driver of inflation or deflation, possibly signaling an endgame. Affordability is a top election issue, midterms are coming and inflation is a key headwind for incumbents. Bitcoin and gold appear to have made reversion turns in 2026, which may suggest beta is next. My annual chart shows the Bloomberg US Treasury Total Return index potentially bottoming from its lowest since about 1983 vs. the precious metal and Bitcoin's roughly 50% drawdown from 2025's high near $126,000. What's missing is a bit of reversion in the ratio of the S&P 500 vs. GDP from the highest year-end level since 1928. It may take the US stock market continuing to rise above historic extremes for Bitcoin to recover and for gold not to drop more vs. US Treasuries. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tggmhcn3n0dq {BI COMD} #Bitcoin #gold #stockmarket @Bloomberg(Mike McGlone)