Onramp Bitcoin Media Bullish Selling: Why Bitcoin is Going Much Higher with Galaxy's Alex Thorn
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Nov 7, 2025 
Alex Thorn, Head of Firm-Wide Research at Galaxy, sheds light on the future of Bitcoin, highlighting its shift from hobbyists to institutional investors. He discusses the symbolic significance of recent Treasury tweets and their bullish implications. Alex also unpacks the growing role of ETFs in mainstream adoption, the tension between cypherpunks and asset managers, and how macroeconomic factors are making Bitcoin a haven against wealth inequality and inflation. Additionally, he shares insights on stablecoin competition and anticipates a bullish 2026 driven by passive institutional flows.
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Government Slop Signals Mainstream Recognition
- Treasury Secretary's Bitcoin tweet is "slop" but bullish because it signals mainstream recognition and respect.
- Alex Thorn says the post marks real progress even if it's not a precursor to large government purchases.
From Hobbyists To Institutional Ownership
- Bitcoin's early culture was hobbyist and anarchist, but institutional ownership is growing and inevitable.
- Thorn argues the network is indifferent; narratives evolve and both communities can coexist.
Passive Institutional Flows Will Dominate
- Bitcoin's next era will be driven by passive institutional flows rather than speculative hobbyist trades.
- Thorn expects RIAs and ETFs to create a slow, lower-volatility accumulation trajectory.