According to ChainCatcher, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, wrote on the X platform that "the underperformance of cryptocurrencies on a risk-adjusted basis compared to global equities may be signaling that the current rapid rise in risk assets may be nearing its end."
From the end of 2017 to December 30, the Bloomberg Galaxy Crypto Index (BGCI) rose by approximately 90%, but this increase was only comparable to the increase in the total market capitalization of the global stock market; meanwhile, its annual volatility was about seven times higher. This means that, despite taking on significantly higher risks, crypto assets did not generate corresponding excess returns.
