Next Big Trade vs. the Last - US Treasuries Shining vs. Bitcoin Glory Days Bitcoin stopped outperforming the S&P 500 in 2021 and has been lagging beta, notably on a risk-adjusted basis, since US ETFs were launched in 2024. Crypo appreciation glory days are over. The purge has started. I expect reversion toward $10,000, especially when the US stock market drops. Gold stretched to its highest ever in 1Q vs. the Bloomberg Commodity Spot Index, about a four decade extreme vs. most long-term moving averages and a basket of US Treasuries, and its 180-day volatility has surged to about 2.3x that of the S&P 500 -- the highest since 2009. The gold rush is over. This year's high could endure for years. When the US stock market eventually succumbs to a high-price cure, I expect US Treasury yields to drop toward China's Full report on the Bloomberg terminal here: https://t.co/TDRPudx2Ws {BI COMD} #Bitcoin #gold #stockmarket #bonds @BBGIntelligence