bitcoinFeature
Galaxy Digital Says Bitcoin Ended Bear Market, Now In Accumulation Phase
Sellers appear largely departed, as basis traders and macro tourists who were invested through October 2025 have halved their exposure to futures and ETFs, while others have maintained their holdings.
Reported by 2 outlets · dailyhodl.com · coingape.com
Galaxy Digital researchers suggest the Bitcoin (BTC) bear market concluded four months ago. Alex Thorn, Galaxy's head of firmwide research, posits in a new analysis that Bitcoin is presently in "the accumulation phase that has preceded every prior advance."
Technically, the 200-week moving average remains intact, and the 50-week moving average has been regained for five consecutive weeks. Furthermore, at day 916 of the halving cycle, Bitcoin has moved beyond the period where every previous cycle reached its low point.
The fundamental argument has only grown stronger, citing the probability of medium-term debasement from a sovereign nation running $2 trillion deficits at 5% yields.
Thorn also observes that market sentiment has shifted toward "blockchain, not Bitcoin" for the third time since he began covering the market. The researcher contends that each prior instance of this narrative preceded substantial gains for the top crypto asset by market capitalization.
For example, in 2015–16, the "blockchain, not Bitcoin" discussion, backed by the R3 consortium and The Economist's "Trust Machine," saw the episode's lowest weekly BTC close at $231, yet the subsequent cycle high was 83x greater.
Similarly, during 2018–19, the refrain became "blockchain, not crypto." While JPM Coin and Libra were introduced, Bitcoin was left at $3,195, before the next cycle peak reached 20x higher.
While Bitcoin's price has hovered between $80K and $89K over the last month, this stagnation prompts discussion, yet Galaxy Research implies BTC is in accumulation and the bear market is past.
Why it matters
This analysis suggests a potential shift in market dynamics, framing current price action as preparation for a surge. Readers should watch for confirmation of this accumulation phase, especially given the historical precedent cited by the researchers.
