Bitcoin’s Market Cycle: Where Are We?

A Comprehensive Analysis

Alex Thorn, Galaxy’s Head of Research, shares his insights on Bitcoin’s current market cycle.

Why This Cycle Is Different

  • Record-breaking inflows into spot Bitcoin ETFs
  • Strong support from long-term holders
  • New analytical tools provide insights into market behavior

The Spot Bitcoin ETF Effect

  • ETFs are transforming how Bitcoin is accessed and invested in
  • Wealth managers and financial advisors are key untapped markets
  • Post-ETF-launch filings may reveal significant Bitcoin allocations

We Are Still Early

  • Thorn anticipates a new all-time high for Bitcoin
  • ETFs, increased acceptance, and the upcoming halving will drive growth
  • Bitcoin is entering a new era of mainstream adoption


Thorn believes we are still in the early stages of Bitcoin’s market cycle. Technological innovation, regulatory changes, and global economic shifts are poised to fuel unprecedented growth.