Bitcoin’s grinding tape, tamed volatility and repeated, incremental all-time highs are not symptoms of a failed cycle but evidence of a market changing hands and changing character, according to Alex Thorn, Galaxy’s head of firmwide research in an interview released October 23.
Bitcoin Bull Run Gone Quiet: Here’s Why
The researcher argues that the driver capping bitcoin’s near-term upside is exogenous—US–China tariff risk—rather than any structural deterioration in the asset’s funda