Mike McGlone warns of cross‑asset crash
Bloomberg Intelligence strategist Mike McGlone argued in a recent video that surging oil and Bitcoin together could presage a major market correction, saying Bitcoin and oil 'signal a 50% market crash' in his framing argued. That thesis stresses the correlation risk between commodity shocks and risk‑asset liquidity — a scenario that would squeeze IPO windows and M&A pricing.
Bloomberg Intelligence’s Mike McGlone reiterated the warning in a video interview published March 11, [2026 said]coindesk.com that simultaneous strength in oil and Bitcoin is an “alarm” for markets. Brent crude climbed above $100 per barrel amid Strait-of‑Hormuz disruptions on March 8–12, [2026 reported]bloomberg.com while Bitcoin briefly traded near $73,000–74,000 in early March as geopolitical risk fed crypto [flows recorded]coindesk.com. McGlone frames that co‑movement as a correlation risk that, in his framing, flags the potential for a roughly 50% reversion in risk assets — a theme echoed in video headlines and interviews titled around a “50% market [crash” framing]youtube.com. Market‑timing consequences are already visible: several companies trimmed, delayed or pulled U.S. IPOs in early 2026 as market volatility and valuation scrutiny intensified, according to Reuters’ Feb. 13 factbox on IPO [activity documented]money.usnews.com. Deal pricing and sectoral M&A flows show divergence — upstream energy M&A value fell roughly 39% from Q4 2024 to Q1 2025 amid price and valuation swings, illustrating how commodity volatility can compress deal pipelines and valuations in [practice measured]oilprice.com. The transmission channel McGlone highlights is liquidity stress: the IEA estimated crude flows through Hormuz plunged by about 20 million barrels per day at the peak of the disruption and traders surged into options as volatility spiked, a combination that historically widens bid‑ask spreads and forces mark‑downs across leveraged positions [IEA estimate]iea.org.
