Wall Street’s Shift from Bitcoin Euphoria to Skepticism
- Alex Thorn of Galaxy Digital notes a shift in Wall Street’s attitude towards Bitcoin from euphoric to skeptical.
- Thorn attributes the change to exhausted demand and significant selling by long-term holders, not conspiracy theories or single catalysts.
- He argues that whale distribution is healthy for the network, as it indicates adoption by buyers willing to pay higher prices.
- The failure of Bitcoin to act like “digital gold” has damaged its narrative among professional investors.
- At press time, Bitcoin traded at $66,109, reflecting the current market sentiment.
Wall Street’s skepticism towards Bitcoin is due to exhausted demand and strategic selling by long-term holders rather than manipulation or external factors. Thorn emphasizes that this distribution is part of Bitcoin’s maturation process and signals strong adoption potential.
Despite negative sentiment, Thorn suggests focusing on Bitcoin’s fundamental value as a durable store-of-value asset rather than short-term price actions or narratives. (Source)
