Alex Thorn presents a new Galaxy research note concluding that Bitcoin’s bottom is in. The signal is based on Bitcoin regaining its 50-week moving average after spending more than 20 weeks below it, a situation that the study says has never been followed by a new low. Thorn highlights Bitcoin’s resilience around $80,000 despite fears related to artificial intelligence and argues that positioning remains light, including according to SEC Form 13F filings. He also discusses participation by sovereign wealth funds and wealth managers, tokenization, the futures basis trade, fiscal dominance, and Bitcoin’s role as digital gold.
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