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Bitcoin has now traded five or six weeks above its 50-week moving average. In every prior bear market, Alex Thorn says, that signal meant the bottom was already in, and he believes this one came in late June.

Thorn, Head of Firmwide Research at Galaxy, walks Laura Shin through his essay “Why Now Is the Time to Add and Hold BTC,” including 13F filings showing Millennium and D.E. Shaw cutting Bitcoin ETF exposure while Mubadala and Morgan Stanley Wealth Management added, and long-dormant coins waking up at 34,000 BTC a month in 2026, down from 67,000 in 2024.

He argues a $40 trillion national debt and a credit-funded AI buildout make the debasement case stronger than at the October high, then names the tripwires that would break his thesis, from a sustained drop below the 50-week average to a quantum computer. With conferences full of tokenization panels, being long Bitcoin may be the contrarian trade.

Host:

• • Laura Shin – Founder, CEO and Host of Unchained

Guests:

• • Alex Thorn – Head of Firmwide Research at Galaxy