Summary
TLDR: Alex Thorn of Galaxy believes U.S. spot bitcoin ETFs will boost demand for BTC, while 75% of bitcoin is held by long-term holders who are not selling at current prices.
Key Points
1. Alex Thorn, head of firmwide research at Galaxy, believes that the U.S. spot bitcoin ETFs are a “game changer” and will provide steady demand for BTC.
2. Approximately 75% of bitcoin’s supply is owned by long-term holders who have been unwilling to sell at recent price levels.
3. Thorn predicts that the potential for growth in the bitcoin market has not yet been fully realized and that there is still significant room for expansion.