Alex Thorn, Head of Research at Galaxy Digital, joins us to talk about why Galaxy revised their Bitcoin end-of-year target from $185K to $120K, the competitive headwinds from gold (up 57% vs Bitcoin’s 12%), AI investments, and stablecoins, the October 10th leverage wipeout, Bitcoin’s maturation into a lower-volatility asset, whale distribution patterns, the stalled momentum of ordinals and runes, Bitcoin Layer 2 developments, and the ongoing arbitrary data filters debate affecting projects like Citrea and Botanix.
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Notes:
• Galaxy revised BTC target: $185K down to $120K
• Gold outperformed Bitcoin: 57% vs 12% YTD
• October 10th leverage wipeout major catalyst
• Bitcoin Season 2 momentum has stalled out
• Stablecoins creating major market competition
• Layer 2s like Citrea, Botanix still early stage
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