Mike McGlone, a senior macro strategist for Bloomberg Intelligence, believes that Bitcoin, the leading cryptocurrency by market capitalization, has been vaulted to the world's top macroeconomic indicator. 

The analyst is convinced that the fate of risk assets could potentially hinge on the performance of the leading cryptocurrency. 

During a recent appearance on Palisades Gold Radio, a popular investing podcast, McGlone pointed to the fact that Bitcoin has a "very high" correlation to the stock market. 

In fact, it is at the highest level it has ever been on the 100-day basis. 

As reported by U.Today, Bitcoin experienced a severe price drop on Tuesday following the release of crucial U.S. economic data that possibly hinted at stronger-than-expected inflation.

The cryptocurrency is currently trading at $95,013, according to CoinGecko data. 

McGlone has warned about excessive bullishness around the $100,000 level. 

Gold and Bitcoin ETFs  

As noted by McGlone, one cannot mention gold without Bitcoin in the same space because the latter has been demonetizing the former. 

Holding without having exposure to the leading cryptocurrency would be "irresponsible," McGlone says.

However, if Bitcoin fails to gain a foothold above the $100,000 level and experiences a correction, this could make some Bitcoin ETF buyers turn back to gold, according to the analyst.

The excessive flows recorded by Bitcoin ETFs could be a sign of "overenthusiasm."