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Galaxy’s Alex Thorn: Bitcoin Held Near $80,000 as Hedge Funds Had Already Sold

Galaxy research chief Alex Thorn said bitcoin held near $80,000 because trading-driven hedge funds and bank desks had already cut their spot bitcoin ETF positions by June, citing 13F filings. With that selling already done, the market faced less pressure at that level.

Original source

AI take

The notable point is the sequencing: Thorn's read implies the selling that would normally accompany a test of a major level had largely already happened, so the price action reflects an absence of forced supply rather than fresh conviction. That matters most for readers tracking ETF flow data as a sentiment gauge, since 13F filings lag and describe positioning that may already be stale. Whether the reduced hedge-fund footprint persists into the next reporting cycle is the open question, and it bears on how much weight flow headlines deserve.

Generated by AI for reference only.

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