McGlone said roughly $10,000 is Bitcoin’s most traded price since futures launched in 2017. The argument places weight on market history rather than short-term price moves. He sees the level as a long-term equilibrium that formed before the rapid expansion in digital asset valuations.
According to this view, Bitcoin’s rise far above this range came during an unusual period for global markets. Once this period faded, the asset began facing a different environment marked by higher rates, reduced liquidity, and a weaker appetite for speculative trades.
He said, “Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting.” This comment reflects his belief that past trading behavior still matters, especially when macro support becomes less favorable for risk assets.