Galaxy Digital research head Alex Thorn said he believes Bitcoin’s bear market ended in June 2026 and that it entered an accumulation phase. He said Bitcoin could return to $125,000, but only if technical support holds, spot demand stabilizes and no new macroeconomic shocks occur.
Institutional investors cut their net long CME Bitcoin futures positions by about 57%, and some reduced spot ETF holdings. Thorn said those cuts did not necessarily signal a broad loss of interest; other investors continued to buy, and ETFs have taken in roughly 87,000 BTC since the June low. Galaxy warned that weak technical support, further ETF outflows, tighter financial conditions and quantum computing could undermine its outlook, though it said no quantum computer can currently break Bitcoin’s cryptography.
