Alex Thorn, the head of research at Galaxy Digital, has modestly adjusted his year-end Bitcoin price target for 2025 from $185,000 to $120,000. One might say he’s trading his bullish champagne for a glass of lukewarm tea. 🍵
Key reasons behind short-term bearishness 🤷
Crypto whales, those elusive creatures of the digital sea, have been transferring their coins to ETFs and institutional buyers like a man fleeing a party. 🏃♂️💨
A major leverage unwinding on October 10 caused a market drawdown so severe, it made a toddler’s tantrum seem tranquil. 🧸💥
Moreover, Thorn has noted that capital and attention have formed a romantic affair with Bitcoin AI and gold, which have outperformed Bitcoin this year like a prodigy outshining their teacher. 🎓✨
New institutional investment in BTC has dwindled, while stablecoins have stolen the spotlight, redirecting venture capital’s focus to fintech and payments infrastructure-because nothing says “passion” like a blockchain-powered coffee machine. ☕🔐
The weakness of Bitcoin treasury companies adds another layer to this tragicomedy, as if the market itself is sighing and rolling its eyes. 😒
Despite all this, no government has announced Bitcoin reserve purchases, leaving the U.S. Strategic Bitcoin Reserve as a mere whisper in the dark. 🕵️♂️
Bitcoin’s maturity era 🕰️
According to Galaxy, Bitcoin has entered its maturity era, characterized by low volatility and the dominance of institutional investors-like a bored aristocrat who’s finally grown tired of the party. 🎩
Hence, Thorn expects the pace of price appreciation to slow down, as if the market is finally taking a nap after a long, chaotic night. 🛌💤
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2025-11-05 23:21