Galaxy’s Alex Thorn Says Bitcoin Held Near $80,000 Because Hedge Funds Had Already Sold

Bitcoin has stayed close to $80,000 through a month of worry over the AI trade because the investors most likely to sell on that worry had already left, Alex Thorn , head of firmwide research at Galaxy Digital , said Thursday. “People ask why Bitcoin’s been so resilient around 80 while everybody has a wall of worry meltdown about the AI trade the last month,” Thorn said on Unchained in a live episode recorded Thursday. “It’s ’cause none of the people freaking out about AI own Bitcoin.” Bitcoin is “not in their inventory to sell” because they have “already gotten out of the trade,” he said. Bitcoin’s lowest daily close over the past month was $80,009 on Oct. 26, with an intraday dip to $79,107 on Oct.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Unchained.