Bitcoin Led Risk-Assets Inflation and May Deflation Signs that Bitcoin rose too far above $100,000 in 2025 may have broader macroeconomic implications. My graphic of 50-week moving averages highlights the crypto rolling over from an extended plateau akin to 2018 and 2022. What's missing from previous Bitcoin bear markets are similar downtrends in the S&P 500, Bloomberg Commodity All Metals Total Return Subindex and copper. Is the first-born crypto issuing a warning or a feint? Bitcoin, now one of millions of cryptos has been a leading indicator for risk assets since its inception in 2009. Bitcoin may have to prove strength, because if it doesn't, dominoes could tumble. Notorious for market inflection points, October could be decisive and Federal Reserve rate-hike expectations may signal an endgame for rapidly rising risk-assets, wealth creation and inflation. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tmzt58kiups6 {BI COMD} #Bitcoin #Stocks @BBGIntelligence