Bloomberg strategist: BTC ETF performance pales in comparison to gold

Mike McGlone, a senior macro strategist at Bloomberg Intelligence, said on X that the performance of Bitcoin ETFs pales in comparison to gold. He suggested the launch of U.S. spot Bitcoin ETFs may have signaled the end of the crypto price rally. McGlone explained that from the start of trading for BlackRock's IBIT in January 2024 through April 8, Bitcoin rose approximately 50%. He noted this performance was nearly on par with the S&P 500 Index, while gold surged about 135% over the same period. "The investment frenzy for Bitcoin ETFs played a role in driving up the price," he added. "There is a possibility that this was a signal marking the start of a peak cycle."