Bitcoin Is Now ‘Stock-Market Puppet’, Bloomberg Strategist Warns as Whales Refuse to Back Down

Bitcoin (BTC) is increasingly tied to the stock market. Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, believes Bitcoin has increasingly become a “ stock-market puppet ,” citing its strong correlation with U.S. equities and its tendency to swing more sharply. In an October 1 interview with Wealthion, McGlone questioned Bitcoin’s performance and maintained his bearish outlook despite continued buying from large holders. According to McGlone, Bitcoin is down about 4% this year, while the S&P 500 is up about 3%.