Bitcoin’s performance compared to the S&P 500 suggests a downturn, as it remains significantly below its all-time highs against the index. In a recent analysis on X, Bloomberg Intelligence senior commodity strategist Mike McGlone indicated that Bitcoin might be losing its leading position in the risk-asset race. McGlone referred to Bitcoin’s current state as suffering from a “hangover.” Bitcoin has not only failed to reach its previous peak from March but also shows signs of broader systemic weakness. McGlone pointed out that Bitcoin’s value is currently about 11 times that of the S&P 500, which is near its own all-time