Elon Musk

Corn

Mike

Bitcoin

Some of the market’s most-watched assets have swung hard in 2026, and many of them have followed the same path.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, Bloomberg’s research arm, says that path may not be finished.&nbsp;
In <a href="https://x.com/mikemcglone11/status/2113577093967618523" rel="noopener noreferrer nofollow">a post on X, he warned</a> that a “pump-then-dump” pattern across Bitcoin and several commodities “may spread into year-end.”
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<h2 id="nine-assets-share-one-pattern">Nine assets share one pattern</h2>
McGlone lists nine assets that have shown this pattern of sharp gains followed by steep declines this year.&nbsp;
They are U.S. natural gas, <a href="https://www.thestreet.com/crypto/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a>, gold, silver, platinum, palladium, lead, nickel and iron ore.
The list spans crypto, energy, precious metals and industrial metals, which are markets that usually move on very different drivers.&nbsp;
McGlone describes the trend as a contagion that could keep spreading, comparing it to falling dominoes.
Bitcoin, the largest <a href="https://www.thestreet.com/crypto/investing/cryptocurrency" rel="noopener noreferrer nofollow">cryptocurrency</a> by market value, sits squarely inside that group. His analysis puts it alongside metals and fuel rather than treating it as a market of its own.
<h2 id="bitcoin-holders-feel-the-swing">Bitcoin holders feel the swing</h2>
Bitcoin remains the core holding for most crypto investors.&nbsp;
In <a href="https://www.security.org/digital-security/cryptocurrency-annual-consumer-report/" rel="noopener noreferrer nofollow">Security.org’s 2026 crypto survey</a> of 992 U.S. adults, 74% of crypto owners said they hold Bitcoin, the same share as in 2025.
The same survey shows a rougher year for returns.&nbsp;
Some 21% of owners reported a net loss since their first purchase, up from 10% in 2025. The share reporting a net gain fell to 53% from 69%.
Many still expect more upside. In the survey, 61% of current owners said they plan to buy more crypto in the next 12 months.
Wall Street’s long-term view is more measured.&nbsp;
<a href="https://www.thestreet.com/crypto/tag/jpmorgan" rel="noopener noreferrer nofollow">JPMorgan</a> Asset Management recently added <a href="https://www.thestreet.com/crypto/markets/jpmorgans-31-year-old-report-embraces-once-mocked-asset" rel="noopener noreferrer nofollow">Bitcoin to its long-term return forecasts for the first time</a>.&nbsp;
It projects returns of about 10% a year over the next 10 to 15 years, ahead of its forecasts for U.S. large-cap stocks at 7.5% and gold at 5.5%.
The firm also estimates Bitcoin’s volatility, a measure of how sharply prices swing, at 55%. That compares with 18% for large <a href="https://www.thestreet.com/crypto/tag/us-stock-market" rel="noopener noreferrer nofollow">U.S. stocks</a>.
<h3 id="most-popular-on-thestreet-roundtable">Most Popular on TheStreet Roundtable:</h3>
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<h2 id="corn-and-copper-face-next-in-line-risk">Corn and copper face next-in-line risk</h2>
McGlone says his analysis “highlights elevated next-in-line risks for corn and copper.”
The two picks stretch the warning in different directions.&nbsp;
Corn connects it to <a href="https://www.thestreet.com/crypto/tag/agriculture" rel="noopener noreferrer nofollow">agriculture</a>, and copper connects it to industrial metals.&nbsp;
McGlone said the effects could reach agriculture, metals and the <a href="https://www.thestreet.com/crypto/economy" rel="noopener noreferrer nofollow">global economy</a>.
He also pointed to one market that could slow the spread.
<blockquote>
 &nbsp;“The U.S. stock market likely needs to remain resilient to stall the falling dominoes,” he wrote.
</blockquote>
In other words, McGlone sees steady equity markets as a buffer. If <a href="https://www.thestreet.com/crypto/tag/stocks" rel="noopener noreferrer nofollow">stocks</a> hold up, the selling pressure may stay contained.
<h2 id="natural-gas-adds-a-fuel-market-angle">Natural gas adds a fuel-market angle</h2>
A Bloomberg Intelligence chart shared alongside the post focuses on one of the nine assets.&nbsp;
<figure>
 <figcaption>
 Source: Bloomberg Intelligence
 </figcaption>
</figure>
Titled 'Natural Gas’ High-Price Cure May Afflict Diesel', it tracks U.S. natural gas futures against the gap between U.S. crude oil and liquid fuels consumption and production.
The chart’s title points to diesel as another area McGlone is watching.&nbsp;
That leaves Bitcoin investors following a warning that now runs from metals to farm crops to fuel.
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.
<a href="https://www.thestreet.com/crypto/markets/jpmorgan-flags-a-major-risk-for-crypto-investors" rel="noopener noreferrer nofollow">Related: JPMorgan flags a major risk for crypto investors</a>

Analyst flags two commodities that may follow Bitcoin’s slide

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