Galaxy Research Declares Bitcoin Bear Market Over, Calls It an Attractive Buying Opportunity

Galaxy Digital's head of firmwide research, Alex Thorn, argued in a Monday report that Bitcoin's bear market ended in June and the asset has entered an accumulation phase, concluding that "now is an attractive time to buy and hold bitcoin." The call comes as Bitcoin traded near $80,000, 36% below its October 2025 high but 39% above its June 30 low. Thorn cited technical and onchain evidence: Bitcoin has closed five straight weeks above its 50-week moving average after 44 weeks below it, and the latest downturn was the shallowest on record at 53%, versus 77% to 93% in past cycles. Bitcoin's market value never fell below its realized value during the bear market, a first, with the ratio bottoming at 1.10 versus 0.56 to 0.75 previously. Long-dormant coin sales have run at about 34,000 BTC a month this year, half the 2024 pace, while U.S. spot Bitcoin ETFs added 87,000 BTC since the June low. Thorn flagged a weekly close below the 50-week average, currently $76,540, that isn't regained within a month as his tripwire, and said Bitcoin could retake $125,000. Galaxy and Thorn disclose holdings in Bitcoin.