According to foreign media reports, Bloomberg senior macro strategist Mike McGlone views the sharp drop in the crypto market in early June as a structural signal: funds continue to flow into dollar-pegged assets as volatility intensifies, while high-risk crypto assets such as Bitcoin still face greater downward pressure.
USDT briefly rose to second place.
The report noted that during a rapid sell-off, the USDT stablecoin briefly surpassed Ethereum's market capitalization, becoming the world's second-largest cryptocurrency. McGlone believes this is not a single price fluctuation, but rather a reflection of the market's continued concentration on dollar-denominated assets.
He stated that the crypto industry has effectively adopted the US dollar as its underlying settlement asset and has allocated some reserves to instruments such as US Treasury bonds. Following this logic, stablecoins are more likely to absorb funds during periods of market volatility.
Bitcoin may fall to $10,000
McGlone remains pessimistic about Bitcoin's future, believing that if risk assets as a whole decline, Bitcoin could fall towards $10,000. He described the previous rally as a "historic" surge and stated that a significant correction is not unusual.
The article argues that if the bubble-like surge ends, the pullback will typically be larger. Based on this assessment, Bitcoin is unlikely to completely detach itself from the broader cycle of risky assets.
Interest rates and the stock market are still putting pressure on the economy.
This commentary cites the macroeconomic environment as a primary driver. McGlone argues that the relationship between interest rates, inflation, and the high stock market continues to influence the pricing of risk assets, including Bitcoin.
He also suggested that the continued record highs in the US stock market may be exacerbating inflationary pressures and altering policymakers' views on the market. Until the high-interest-rate environment shows significant signs of easing, volatility in the crypto market is likely to remain at a high level.
