Bloomberg's Mike McGlone says Bitcoin could fall to $10,000.
Bold call from a known bear.
But here's what's actually worth thinking about: the market structure has fundamentally changed.
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A handful of US institutions - BlackRock, Fidelity, MicroStrategy - now hold massive concentrated positions.
They bought in coordination.
Nothing stops them from selling in coordination.
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Add the dormant wallets nobody can identify, the ETF redemption mechanics during a panic, and you get a system where a few phone calls could trigger a cascade.
McGlone's $10K target might be extreme.
The underlying fragility isn't.
This is why you don't go all-in on any single asset - no matter how much you believe in it.
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