Mike McGlone, Senior Commodities Strategist at Bloomberg, has indicated that the cryptocurrency market may be entering an early bear phase, with Bitcoin potentially dropping to $10,000 if market beta declines. McGlone highlighted that since the introduction of Bitcoin ETFs in January 2024, the iShares Bitcoin Trust ETF (IBIT) and the SPDR S&P 500 ETF Trust (SPY) have shown similar total returns, but IBIT's volatility is about four times higher than SPY's, with a 200-day correlation near 0.5. McGlone emphasized that such high volatility and correlation without higher returns can impede optimal asset allocation. He also noted the proliferation of crypto assets since Bitcoin's inception in 2009, many of which lack fundamental support yet are valued in the billions, raising concerns about market sustainability.