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Bitcoin Sentiment On Wall Street Has Turned Negative, Galaxy’s Thorn Says
🤖AI Summary
Galaxy Digital's Alex Thorn says Wall Street sentiment toward Bitcoin has shifted from euphoric to skeptical due to exhausted demand and whale distribution, not market manipulation. He argues this negativity is misplaced and that Bitcoin's fundamental value proposition remains intact despite short-term trading struggles.
Key Takeaways
- →Wall Street Bitcoin sentiment has turned negative after the crowded long trade from late 2024 unraveled.
- →Long-term holder selling is structural and healthy distribution, not a bearish signal according to Thorn.
- →Capital has rotated from Bitcoin to AI stocks, semiconductors, energy plays, and gold.
- →Bitcoin's failure to behave like 'digital gold' since September has damaged institutional narratives.
- →Thorn emphasizes focusing on Bitcoin's fundamental use cases rather than expecting monetary policy support.
#bitcoin#wall-street#sentiment#galaxy-digital#institutional-investors#whale-distribution#market-analysis#alex-thorn
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