Bloomberg Analyst Predicts This ‘Underdog’ Will Flip Bitcoin And Ethereum

The Unlikely Contender Gaining Ground Mike McGlone, senior macro strategist at Bloomberg Intelligence, has singled out Tether (USDT) as the asset most likely to reshape the crypto market hierarchy in the near future. The crypto market has grown massively in recent years and is now flooded with millions of tokens. However, in a recent note issued this week, McGlone noted that capital is gravitating toward instruments that maintain stability and utility, especially in uncertain macro conditions, and Tether’s USDT is leading the charge. Related Reading: 2018 Footage Of Ripple CEO Saying They’re Taking Over SWIFT Resurfaces, But How Have They Fared Since Then? Interestingly, McGlone also talked about a flippening of the crypto market ranks. However, this flippening is not the long-speculated scenario where Ethereum overtakes Bitcoin but a far less anticipated one where the dollar-backed stablecoin quietly surpasses both. “I expect the ‘flippening’ to continue, with Tether’s AUM topping Ethereum in 2026 and eventually Bitcoin,” McGlone wrote. The gap between the two assets has narrowed considerably in the past year. Ethereum’s market capitalization currently stands at approximately 272 billion. Tether’s market cap, meanwhile, is around 184 billion. This time last year, the stablecoin was sitting at a 144.2 billion market cap, making it a 27.6 growth over the past year. Tether currently controls about 58 of the global stablecoin market cap, and together with USDC, the two account for around 82 of the total stablecoin cap. Bitcoin’s Long Road Back To 10,000 McGlone pairs this stablecoin outlook with a notably bearish stance on Bitcoin. According to him, there’s a huge possibility of the Bitcoin price crashing to as low as 10,000. Bitcoin has been trading in a prolonged corrective phase following its 2025 all-time high, and a chart published alongside McGlone’s commentary shows that Bitcoin has always led both equity market upswings and downswings, and if equities are rolling over, Bitcoin may follow. Related Reading: US-Iran Ceasefire Trigger Bitcoin And Crypto Market Surge, But Will This Rally Last? The chart below shows Bitcoin’s yearly candle alongside the SP 500 index and its 180-day volatility reading. The stock market volatility, which is at a reading of 12.5, is too low for 2026. A reversal in that trend could lead to further declines for Bitcoin, which is already showing signs of rejection above 70,000. Bitcoin Yearly Chart. Source: @mikemcglone11 On X Bitcoin must hold above 75,000 to invalidate the scenario of a crash to 10,000. Failure to do so, according to McGlone, opens the path to a deeper reversion to as low as the 10,000 range, which he highlights as a long-term equilibrium zone since the introduction of futures markets in 2017. Featured image created with Dall.E, chart from Tradingview.com