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McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
After climbing back to $70,841 by 07:00 UTC on Feb. 15 from $65,395 late on Feb. 12, bitcoin was hovering around $68,800 by mid-morning. The broader crypto market was also in the red Monday, with 85 of the top 100 tokens posting losses. Privacy-focused coins monero and zcash were down 10% and 8%, respectively over the past 24 hours.
Healthy Correction is what we should hear soon from stock market analysts (who risk unemployment if not onboard), following collapsing cryptos,” McGlone wrote. “The buy the dips mantra since 2008 may be over.”
McGlone pointed to several macro indicators that reflect elevated risk conditions. U.S. stock market capitalization relative to gross domestic product (GDP) has reached its highest level in roughly a century, he noted. At the same time, 180-day volatility in the S&P 500 and Nasdaq 100 is at its lowest level in about eight years, McGlone added.
He also described the “crypto bubble” as “imploding,” adding that “Trump euphoria” has peaked and is contributing to contagion across markets. Meanwhile, gold and silver are “grabbing alpha” at a pace last seen about half a century ago, with rising volatility that he said could “trickle up” into equities.
McGlone shared a chart comparing bitcoin divided by 10 for scaling, with the S&P 500. As of Feb. 13, both were hovering below 7,000 on his graphic. He said that “volatile and beta-dependent” bitcoin is unlikely to stay above that level if broader equity beta weakens.
The Bloomberg analyst identified 5,600 on the S&P 500, equivalent to roughly $56,000 for bitcoin under his scaling, as an initial “normal reversion” level. Beyond that, part of his base case calls for bitcoin to revert toward $10,000, contingent on a peak in the U.S. stock market.
McGlone’s outlook splits opinion
Jason Fernandes, co-founder of AdLunam and a market analyst, told CoinDesk that McGlone’s thesis assumes market extremes must resolve through collapse and that bitcoin’s equity beta g
That’s false equivalence and single-path bias,” Fernandes said. “Markets can also resolve excess through time, rotation, or inflation erosion. A macro slowdown could mean consolidation or a $40,000 to $50,000 reset, not a systemic unwind to $10,000.”
Fernandes added that a move toward $10,000 would likely require a true systemic event, including sharp liquidity contraction, widening credit spreads, forced deleveraging across funds and a disorderly equity drawdown.
That implies recession plus financial stress, not just slower growth,” he said. “Absent a credit shock or policy mistake that drains global liquidity, that kind of collapse remains a low-probability tail risk.”
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XRP Ledger Reaches Institutional Settlement Readiness
The XRP Ledger (XRPL) has crossed a major milestone, transitioning from an experimental blockchain into deployable financial infrastructure for institutions. Long-standing compliance and operational barriers that limited direct bank settlement on XRPL have now been removed, opening the door for large-scale institutional adoption.
Compliance Breakthrough Unlocks Bank Participation
Despite Ripple’s network of 300+ banking partners, on-chain activity had remained relatively muted. According to Ripple CTO David Schwartz, the issue was not speed or scalability, but regulatory certainty. Banks could not ensure compliant counterparties or verify the source of liquidity when settling directly on-chain.
This has now changed with the launch of Permissioned Domains on XRPL. These allow institutions to transact within regulated, access-controlled environments while still benefiting from blockchain settlement.
In addition, a Permissioned DEX, scheduled to go live on February 18, will introduce institution-only liquidity pools tailored specifically for regulated participants—potentially unlocking billions in institutional inflows.
Expanding XRP Utility and Network Upgrades
Ripple is preparing for a pivotal week of ecosystem updates. Upcoming announcements will focus on real-world XRP utility, with the XRP Community Day scheduled for February 11, featuring live discussions hosted by RippleXDev.
Key roadmap highlights include:
Smart extensions and contracts to enhance programmability
Zero-knowledge proofs (ZKPs) for privacy and system stability
Compliance-first tools, including permissioned domains and the institutional DEX
These features aim to directly translate network upgrades into tangible demand for XRP.
XRP Price at Historic Oversold Levels
XRP has entered what analysts describe as the most oversold condition in its history. Historically, similar extremes have preceded strong upside reversals. Based on past cycles, a potential recovery move back above $2 is increasingly coming into focus.
DEX Evolution and Market Infrastructure
Development is also accelerating on DEX Pro, which aims to unify decentralized execution with professional-grade market data. The upgrade is designed to help traders make faster, more informed decisions by combining liquidity, analytics, and execution in a single interface.
Bottom Line
XRPL is moving beyond testing and into institutional deployment, with compliance-focused upgrades removing the final barriers to bank participation. As utility expands and XRP trades at historically oversold levels, both network fundamentals and price action suggest the setup for a potentially pivotal phase ahead.
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The cryptocurrency market continues to face significant pressure, with Bitcoin trading more than 30% below its all-time high and total market capitalization declining from over $4.2 trillion to $2.4 trillion. With the Fear and Greed Index still in the red, market sentiment remains cautious. However, historically, such periods have presented strategic accumulation opportunities ahead of the next bull cycle. Below are several cryptocurrencies positioned strongly based on fundamentals and market developments.

Hyperliquid (HYPE) Is One of the Best Cryptos to Buy
Hyperliquid (HYPE) stands out as a high-potential asset despite broader market weakness. Notably, the token remains more than 50% above its year-to-date low, even after the recent market-wide sell-off.

One of its key strengths is its growing dominance in the perpetual futures market, where it has overtaken competitors such as Lighter and Aster in market share. This expansion signals increasing adoption and liquidity within its ecosystem.

Hyperliquid is also entering the rapidly growing prediction markets sector with the upcoming launch of Outcome. By integrating leverage into its platform, Outcome may attract users seeking amplified exposure, potentially giving it an edge over competing networks.

From a tokenomics perspective, Hyperliquid unlocks millions of tokens annually but offsets this through an aggressive burn and repurchase strategy. By allocating the majority of its fees to token burns, the project actively reduces circulating supply—an inherently bullish mechanism over the long term.

Ethereum Network Is Experiencing Robust Growth
Although Ethereum’s price has declined 60% from its all-time high, its underlying fundamentals remain strong. The staking queue continues to expand, with over 4 million ETH waiting to be staked—demonstrating sustained investor confidence in the network.

Additional bullish indicators include a steadily declining exchange supply and Ethereum’s dominant market share in decentralized finance (DeFi) and real-world asset (RWA) tokenization.

From a technical standpoint, Ethereum has formed an inverted head-and-shoulders pattern on the weekly chart—one of the most recognized bullish reversal formations in technical analysis. This setup may indicate the potential for a longer-term upward move if confirmed.

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Bitcoin Is the Top SWAN Cryptocurrency to Buy
Bitcoin remains the leading “Sleep Well at Night” (SWAN) cryptocurrency due to its long-term track record and resilience. Since trading below $1 in 2009, Bitcoin has appreciated to approximately $70,000, enduring multiple cycles along the way.

Historically, every major correction—including numerous declines exceeding 50%—has eventually been followed by recovery and new highs. This pattern reinforces Bitcoin’s position as a core long-term holding.

Current fundamentals remain supportive, with continued institutional accumulation and Bitcoin maintaining its role as the primary driver of overall crypto market performance. Additionally, exchange supply has continued to decline, suggesting reduced short-term selling pressure.

Solana Maintains Strong Layer-1 Fundamentals
Solana has retraced from $253 in 2025 to approximately $87, yet its network fundamentals remain solid. Data shows that Solana is one of the fastest-growing blockchains in the industry.

Over the past 30 days, transaction volume has increased by more than 50%, while network fees have surpassed $29 million during the same period. Solana has also become the second most profitable blockchain in the crypto space after Tron.

In the decentralized exchange (DEX) sector, Solana currently leads in trading volume, exceeding that of Ethereum and BNB combined. The anticipated Alpenglow upgrade is expected to further enhance network performance and activity in the coming years.

Additionally, 1.077 million SOL have been withdrawn from exchanges over the last 72 hours—a development that typically reduces immediate selling pressure.

Chainlink Remains a Core Infrastructure Player
Chainlink continues to play a critical role within the crypto ecosystem despite recent price declines. As the largest oracle network in the industry, it maintains a dominant market share compared to competitors such as Redstone, Band Protocol, and Pyth Network.

Exchange supply of LINK has decreased significantly in recent months, while the project team has been actively acquiring tokens under its Strategic LINK Reserves initiative. This signals confidence in the network’s long-term outlook.

Chainlink remains central to major growth sectors, including DeFi and real-world asset tokenization, reinforcing its importance as foundational infrastructure in the blockchain industry.

Conclusion
While the crypto market remains in a pronounced bear phase, underlying fundamentals across several major projects remain strong. With Bitcoin down over 30% from its all-time high and total market capitalization significantly reduced, current conditions may present long-term accumulation opportunities. Assets such as Hyperliquid, Ethereum, Bitcoin, Solana, and Chainlink demonstrate solid fundamentals, expanding ecosystems, and supply dynamics that could position them well ahead of the next bull run.
#crypto #top #coinaute #BTC #ETH
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