Galaxy Research says Bitcoin bear market ended in June, now attractive to buy

Alex Thorn, head of firmwide research at Galaxy, stated in a recent report that the asset is now entering an accumulation phase. His conclusion is that "we believe now is an attractive time to buy and hold bitcoin."

This sentiment arrives as Bitcoin navigates a directionless trading period, hovering near $80,000 on Thursday, which is 36% below its October 2025 peak but 39% above its low from June 30.

Chart analysis supports this view; after spending 44 weeks beneath its 50-week moving average, Bitcoin reclaimed it in September, and the week ending October 18 marked its fifth consecutive close above that line.

Furthermore, for the first time during any bear market, Bitcoin's market value never dipped below its realized value, with the ratio bottoming at 1.10, compared to lows of 0.56, 0.69, and 0.75 in previous cycles.

Thorn points to macroeconomic factors bolstering the case for Bitcoin. He cites federal debt reaching $40.44 trillion, the fiscal 2026 deficit of $1.99 trillion, and the 10-year Treasury yield hitting 5.31% this month, its highest since 2007.

He cautioned, "A bet against stocks and hard assets is a bet on fiat, the one position that makes no sense today."

Selling pressure is easing; coins dormant for five years or more have seen sales drop to about 34,000 BTC monthly this year, which is half the pace seen in 2024.

Galaxy and Thorn disclose that they hold Bitcoin.

Why it matters

This suggests a potential shift in market sentiment, signaling that the recent downturn may be over for investors. Readers should watch for confirmation on whether Bitcoin can sustain gains past its recent highs, especially given current macro uncertainties.