Bloomberg Senior Commodity Strategist Mike McGlone has suggested that the crypto bear market may be in its early stages, with Bitcoin potentially falling to $10,000 if market risk (beta) declines. McGlone noted that since the launch of Bitcoin ETFs in January 2024, the iShares Bitcoin Trust ETF (IBIT) has shown returns comparable to the SPDR S&P 500 ETF Trust (SPY), but with volatility approximately four times higher and a 200-day correlation near 0.5. He highlighted that high volatility and correlation without higher returns are typically unfavorable for asset allocation. McGlone also pointed out that since Bitcoin's inception in 2009, the number of crypto assets has reached millions, with many lacking substantial backing yet still valued in the billions of dollars.