[Bloomberg Strategist: Bitcoin Pullback May Spread to Risk Assets, Fed Rate Hike Expectations May End Rally] According to an article by Mike McGlone, senior macro strategist at Bloomberg Intelligence, Bitcoin, which once led risk asset inflation, may now be foreshadowing deflation. He stated that signs of Bitcoin rising above $100,000 by 2025 could have broader macroeconomic implications. Its 50-week moving average chart shows that cryptocurrencies are pulling back from long-term highs similar to those of 2018 and 2022. McGlone points out that unlike previous Bitcoin bear markets, the S&P 500, the Bloomberg All Metals Total Return Index, and copper prices are not currently showing similar downward trends. He questions whether Bitcoin, as a pioneer in the crypto space, is issuing a warning or a false alarm. He emphasizes that Bitcoin has been a leading indicator of risk assets since its inception in 2009.