Bitcoin (BTC) is increasingly tied to the stock market.
Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, believes Bitcoin has increasingly become a “stock-market puppet,” citing its strong correlation with U.S. equities and its tendency to swing more sharply.
In an October 1 interview with Wealthion, McGlone questioned Bitcoin’s performance and maintained his bearish outlook despite continued buying from large holders.
According to McGlone, Bitcoin is down about 4% this year, while the S&P 500 is up about 3%.
He also noted that Bitcoin had underperformed the stock market for nearly five years, challenging the idea that the top cryptocurrency consistently serves as an alternative investment to traditional financial assets.
Interestingly, McGlone’s pessimism doesn’t stop there, since he hasn’t abandoned his controversial prediction that Bitcoin could fall to $10,000.
What’s his argument? He notes that the broader cryptocurrency market is still undergoing a “purge,” suggesting further downside could emerge before the market finds a sustainable recovery.
Bitcoin Whales Keep Buying the Dip
In contrast to McGlone’s view, Ash Crypto has pointed to a different trend, reporting that five wallets bought 1,076 BTC, worth about $90.42 million, in a single day.
The market analyst acknowledged that even as retail investors panicked over the current market dip, larger holders were taking the bulls by the horns, accumulating more Bitcoin.
These purchases add to a broader pattern of whale activity that has attracted attention during the current market weakness.
According to market analyst Ali Martinez, Bitcoin whales accumulated 16,010 BTC over five days as the price declined from around $87,000 toward $80,000.
What does this buying activity show? It suggests that some large holders see lower prices as an opportunity to accumulate more, not a reason to exit their positions.