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A napkin holder with the B of bitcoin (Marvin Recinos/Getty Images)
Bitcoin bear

Bloomberg analyst outlines all the reasons he’s sticking with his call that bitcoin will crater to $10,000

His one caveat: if it can hold the $75,000 level, bitcoin bulls may “prove him wrong.” Other experts called his prediction an “attention-grabbing extreme” and “almost unimaginable.”

Bitcoin remains stuck in a tight range, falling back to around $68,500 on Tuesday morning, down 1.5% in the past 24 hours as President Trump’s Iran deadline looms.

While most experts agree that the lack of catalysts and geopolitical tensions are preventing bitcoin from significantly breaking either way in the short term, one has a different, extremely bearish view.

Mike McGlone, Bloomberg’s senior commodity strategist, has stayed firm on his prediction for bitcoin to crater to $10,000. But this time, he added a caveat: the asset could “prove him wrong” by “staying above $75,000,” a level not reached since mid-March.

McGlone told Sherwood News that $75,000 was moved down from around $94,000 at the start of 2026 as a “potential prudent short level in a primary leading indicator and risk asset.”

“My base case for 2026 is surging volatility in gold and crude oil will migrate to the stock market, and peaking cryptos in 2025 were a precursor. Only a trickle so far. Gold and crude oil 180-day volatility has risen about 45% in 2026 to April 6, but has fallen on the S&P 500 about 3%. It’s never happened — stock market volatility staying so low with crude and gold volatility surging,” McGlone said.

He argued that when beta falls, the tide goes out for all risk assets, and crypto assets are among the riskiest and most vulnerable “to some overdue reversion of the millions, worth billions of dollars, but tracking nothing of substance.”

“Bitcoin may have the blessing and curse of being first... Crude oil surges can break stuff, and 2026 may have found its catalyst akin to 2008,” McGlone said.

“I made the same call for bitcoin to lose a zero from around $10,000 in 2018. Was 70% right, 30% wrong — the low was about $3,000,” he added.

While sentiment around bitcoin is far from bullish currently, many experts view McGlone’s view as extreme, citing bitcoin’s structural maturation and the emergence of bitcoin ETFs as support, among other factors.

“It’s mostly only an attention-grabbing extreme,” Andri Fauzan Adziima, research lead at Bitrue, told Sherwood. “It ignores spot ETFs, institutional and corporate adoption, ongoing halvings, tightening supply, and bitcoin’s maturation as digital gold and collateral.”

Fauzan Adziima argued that a more than 85% crash from current levels would require “near-apocalyptic conditions like total flight from the asset class, which feels detached from today’s hardened network effects and support floors.”

While deep corrections to the $40,000 to $50,000 level remain plausible in a severe recession, he said, a full reversion to pre-stimulus $10,000 is “low-probability theater at best.”

Another counterargument is that bitcoin ETFs have an enormous influence on bitcoin’s price, making the asset very different from what it was a few years ago.

Nic Roberts-Huntley, CEO and cofounder of Blueprint Finance, told Sherwood that the market of 2026 is unrecognizable from the pre-ETF era of 2020. McGlone’s $10,000 prediction “fails to account for the $1.5 billion in net ETF inflows we saw just this past month, while retail sentiment was at ‘Extreme Fear.’”

Roberts-Huntley continued, “We no longer operate in a speculative vacuum. We are seeing a structural floor being built by billions in institutional capital and corporate treasuries that simply did not exist during previous cycles.” He added that while bitcoin may face short-term resistance at the $75,000 level, the idea of a ~90% reversion ignores the reality of the current cost basis for the world’s largest asset managers.

“It is almost unimaginable to see the price fall to $10,000 without these institutions seeing it as the ‘buy of a lifetime’ before it gets there. That’s not to say we won’t continue to see price volatility, but it’s important to be realistic rather than alarmist,” he said.  

One point on which many agree with McGlone is the $75,000 level, which remains technically and psychologically important.

Nic Puckrin, CEO and cofounder of Coin Bureau, told Sherwood that while “BTC at $10K is an extreme call,” the $75,000 level is a reasonable one to watch.

“If bitcoin breaks above that level and holds, there is more support and momentum to the upside. But remaining below this level doesn’t mean it will suddenly crash to $10K,” Puckrin said.

Fauzan Adziima echoed the sentiment, calling $75,000 “the key near-term gatekeeper.”

“Holding above it keeps the bear thesis at bay, while a decisive break could accelerate downside pressure,” he said.

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Crypto exchange Blockchain.com confidentially files for IPO

Blockchain.com, one of the oldest crypto firms, announced it confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission, a step toward conducting an initial public offering.

The number of offered shares and price range has yet to be determined, according to a Thursday press release. If the company completes its IPO, Blockchain.com would join Circle and Bullish as crypto companies that have gone public in the year.

Simultaneously, a number of other companies, namely ethereum development firm Consensys, security hardware firm Ledger, and rival crypto exchange Kraken, have paused their plans to IPO due to rough market conditions.

The exchange started in 2011 as a bitcoin search engine before expanding to providing wallets and powering bitcoin transactions. The company raised funds through a series of funding rounds, with a Series D funding round in 2022 giving the firm a $14 billion valuation at the time.

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Hyperliquid ETFs top inflows as HYPE soars

While investors are opting out of ETFs focused on the two largest cryptocurrencies, some are adding ETFs of alternative coins, chief among them being hype, the native token for Hyperliquid. 

Digital asset managers 21shares and Bitwise rolled out hype ETFs last week and have yet to notch any outflows. Tuesday saw the highest level of inflows so far at over $11 million, outpacing XRP and solana ETFs’ combined inflow of nearly $5.3 million. Meanwhile, bitcoin and ethereum saw $393 million exit their funds yesterday, according to SoSoValue.

Bloomberg senior ETF analyst Eric Balchunas noted the 21shares Hyperliquid ETF “is growing volume each day since launch in the tens of millions now, 8x over day one, which is [a] really good sign of organic interest.”

The ETF flows coincide with the token’s outperformance, jumping 5.7% in the last 24 hours, 29.5% in the past seven days, and more than 100% year to date, data from CoinMarketCap shows. Bitcoin, ethereum, solana, and XRP are all down double digits in 2026.

Hype began trading a week after former SEC Chairman Gary Gensler announced ending his tenure, and has an all-time high price of $59.30, set in September 2025.

Hyperliquid, the perpetual futures exchange built on its own blockchain, gained traction among users who wanted to trade assets such as commodities, cryptocurrencies, and equities with leverage in hours when traditional venues are closed. 

Treasury firm Hyperliquid Strategies has also rallied on news the SEC will soon greenlight trading tokenized versions of stocks.

Bitwise CIO Matt Hougan thinks investors are underestimating Hyperliquid’s impact and value. “The market is valuing Hyperliquid as a perpetual crypto futures exchange that happens to be growing quickly. But it should be valued as a global super-app covering all assets,” Hougan said in a Tuesday memo.

“Its addressable universe is not the $3 trillion crypto market, but the $600 trillion market for global assets. Those are two completely different businesses,” Hougan continued. “Today’s prices suggest you’re being offered the second at the cost of the first.”

Last week, Coinbase and Circle announced a new agreement with Hyperliquid. Coinbase became Hyperliquid’s official treasury deployer of Circle’s USDC on Hyperliquid, a move that translates to sharing around 90% of stablecoin reserve yield with the protocol.

99% of fees generated on Hyperliquid are dedicated to token buybacks, which, annualized, comes to $618 million, data from DefiLlama shows. The market capitalization of hype stands at $12.3 billion. 

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Ethereum exits: Investors depart its ETFs and the Ethereum Foundation shrinks (again)

On Monday, two researchers announced they were leaving the nonprofit organization tasked with supporting the second-largest blockchain network, adding to a growing exodus from the Ethereum Foundation.

Carl Beek, who helped architect the early design of ethereum’s beacon chain, will end his seven-year tenure with the foundation at the end of the month, while research scientist Julian Ma, who focused on product and growth work, has also decided to leave after four years.

Beek and Ma deepen a recent bout of turnover. Last week, the foundation said in a blog post that lead developers Barnabé Monnot and Tim Beiko are moving on from the organization. In April, Josh Stark, who was on the Ethereum Foundation leadership team for five years, left, as did Trent Van Epps, who organized Protocol Guild, which provides funding to core developers. The string of departures has raised concerns among those in the ecosystem.

“There have been a lot of disagreements about where ETH should move, whether from an issuance or architectural standpoint,” Laurens Fraussen, a research analyst at data provider Kaiko, told Sherwood News. “I’d assume the people leaving are either looking for greener pastures or don’t agree with the way the EF is being run.”

The foundation exodus comes as investors exit from ethereum ETFs. The investment vehicles saw more than $86 million in outflows on Monday, making six straight days of outflows, the longest streak since March, according to SoSoValue.

Meanwhile, an address identified as Galaxy Digital has a $2.3 million short position on ethereum using 20x leverage on Hyperliquid, data from blockchain analytics firm Nansen shows. The price of ethereum stands just under $2,110 as of 12:10 p.m. ET. With an entry point of $2,203, the firm has an unrealized gain of $102,000.

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