Mike McGlone, senior commodity strategist at Bloomberg Intelligence, warned that Bitcoin's ongoing bear market may serve as a leading indicator for broader risk assets including gold and equities. McGlone noted that Bitcoin has peaked and rolled over, with its 50-week moving average confirming a downtrend, and argued that if history repeats, other risk assets could follow lower. The strategist highlighted that gold's current volatility stands at approximately 2.2 times the S&P 500's annualized volatility — the highest level since 2007 — making it both highly volatile and highly correlated with equities. In McGlone's view, Bitcoin's bearish signal suggests S&P 500 volatility will mean-revert toward its historical 1:1 relationship with gold, pointing to considerable downside risk across risk assets heading into midterm elections.