Onramp Bitcoin Media Bullish Selling: Why Bitcoin is Going Much Higher with Galaxy's Alex Thorn
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Nov 7, 2025 
Alex Thorn, Head of Firm-Wide Research at Galaxy, sheds light on the future of Bitcoin, highlighting its shift from hobbyists to institutional investors. He discusses the symbolic significance of recent Treasury tweets and their bullish implications. Alex also unpacks the growing role of ETFs in mainstream adoption, the tension between cypherpunks and asset managers, and how macroeconomic factors are making Bitcoin a haven against wealth inequality and inflation. Additionally, he shares insights on stablecoin competition and anticipates a bullish 2026 driven by passive institutional flows.
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Prepare For Institutional Allocation Dynamics
- Recognize lower volatility enables larger institutional allocations and deeper liquidity over time.
- Expect incumbents and native firms to compete on custody, trading, and client experience.
M&A Shows Market Maturation
- M&A by incumbents signals industry maturation and confidence in crypto infrastructure.
- Thorn sees an ongoing push-pull where traditional firms and crypto natives compete for plumbing and services.
Malaise Fuels Moonshots And Debasement Fears
- Economic malaise and inequality push people toward gambling and moonshot bets instead of saving.
- Thorn links structural debt and political short-termism to likely future debasement and money printing.