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

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.