{"id":37032,"date":"2026-03-02T14:00:02","date_gmt":"2026-03-02T14:00:02","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=37032"},"modified":"2026-03-02T14:00:02","modified_gmt":"2026-03-02T14:00:02","slug":"bitcoin-sentiment-on-wall-street-has-turned-negative-galaxys-thorn-says","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=37032","title":{"rendered":"Bitcoin Sentiment On Wall Street Has Turned Negative, Galaxy\u2019s Thorn Says"},"content":{"rendered":"

Wall Street\u2019s attitude toward Bitcoin has flipped from euphoric to deeply skeptical after last year\u2019s crowded long trade unraveled, according to Galaxy Digital head of research Alex Thorn. In an interview on What Bitcoin Did, Thorn said the shift has less to do with conspiracy theories or a single bearish catalyst than with exhausted demand, heavy long-term holder selling, and a market now struggling to find a fresh narrative.<\/p>\n

Thorn pushed back on claims that firms such as Jane Street are to blame<\/a> for Bitcoin\u2019s weakness, calling that line of thinking \u201cTwitter cope.\u201d He argued that most of the outrage reflects frustration with price action rather than evidence of deliberate suppression.<\/p>\n

\u201cWhat do we think the actual incentive would be for them to suppress the price?\u201d Thorn said. \u201cBitcoin\u2019s a multi-trillion, well whatever it is, one-point-something-trillion-dollar asset. It\u2019s hard to manipulate markets of scale in a specific direction because it is a free market and it\u2019s a large one.\u201d<\/p>\n

\n

\u2013 bitcoin didn\u2019t crash because of jane street
\n\u2013 whale distribution was significant, inevitable, necessary, healthy
\n\u2013 wall st negativity on BTC is real but wrong
\n\u2013 bitcoin\u2019s fundamental value is real and right
\n\u2013 you need to be robotmaxxing or you\u2019ll be forever framemogged https:\/\/t.co\/GUMAARf7Pl<\/a> pic.twitter.com\/QQhDy3RNrg<\/a><\/p>\n

\u2014 Alex Thorn (@intangiblecoins) February 28, 2026<\/a><\/p>\n<\/blockquote>\n

Why Wall Street Is Wrong On Bitcoin<\/h2>\n

His broader explanation was more straightforward. From late 2024 through the period between the US election and inauguration, he said, being long Bitcoin was \u201cthe most popular trade in the world.\u201d That changed as capital rotated elsewhere. AI-linked equities, semiconductor names, energy plays, quantum stocks and gold all began attracting attention, while Bitcoin\u2019s momentum faded.<\/p>\n

At the same time, Thorn said, long-term holders<\/a> were consistently distributing coins into strength. He described that selling as structural rather than alarming. \u201cThat\u2019s literally how distribution occurs and it\u2019s how you make money in a trade,\u201d he said, arguing that older holders taking gains is part of Bitcoin\u2019s maturation rather than a sign of failure.<\/p>\n

He went further, framing the whale distribution as constructive for the network over the long run. \u201cTechnically you want more selling. You want it distributed to people who buy it at a higher cost basis,\u201d Thorn said. \u201cThe realized price is higher and that\u2019s a good thing. That means people, with enormous amounts of money, are willing to buy Bitcoin at really high prices. To me that\u2019s a core signal of adoption.\u201d<\/p>\n

Still, Thorn acknowledged that sentiment has deteriorated sharply, especially among professional investors. In his view, Bitcoin\u2019s failure since September to behave like \u201cdigital gold\u201d<\/a> damaged the story many allocators had bought into. Wall Street, he said, took that label too literally.<\/p>\n

\u201cWe didn\u2019t mean it was going to trade with a high beta to GLD,\u201d Thorn said. \u201cIts features are gold-like. Its trading behavior hasn\u2019t fully caught up to that yet. The delta between those two things, if you believe it eventually closes, that\u2019s your alpha.\u201d<\/p>\n

That mismatch has helped sour institutional mood just as broader macro fears have worsened. Thorn said investors are anxious about AI from both directions: that it may fail to justify massive capex, or succeed so thoroughly that it destroys jobs and destabilizes markets. If equities roll over on the back of that uncertainty, he suggested, Bitcoin may struggle to stay insulated.<\/p>\n

Even so, Thorn drew a line between short-term sentiment and long-term conviction. \u201cWe really should focus on explaining its fundamental purpose and use cases and value to a holder of Bitcoin as the reason that it goes up,\u201d he said. \u201cStop begging for Jay Powell to buy your bags. That\u2019s not nearly as durable as the reason it going up being that people deeply understand the savings technology that is Bitcoin.\u201d<\/p>\n

For Thorn, that is the real story now: Wall Street may have turned negative, but the longer-term battle is still about whether more investors come to see Bitcoin as a durable store-of-value asset rather than a passing macro trade.<\/p>\n

At press time, BTC traded at $66,109.<\/p>\n

\"Bitcoin<\/p>","protected":false},"excerpt":{"rendered":"

Wall Street\u2019s attitude toward Bitcoin has flipped from euphoric to deeply skeptical after last year\u2019s crowded long trade unraveled, according to Galaxy Digital head of research Alex Thorn. In an interview on What Bitcoin Did, Thorn said the shift has less to do with conspiracy theories or a single bearish catalyst than with exhausted demand, […]<\/p>\n","protected":false},"author":1,"featured_media":37033,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":{"0":"post-37032","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"yoast_head":"\nBitcoin Sentiment On Wall Street Has Turned Negative, Galaxy\u2019s Thorn Says - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=37032\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Sentiment On Wall Street Has Turned Negative, Galaxy\u2019s Thorn Says - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Wall Street\u2019s attitude toward Bitcoin has flipped from euphoric to deeply skeptical after last year\u2019s crowded long trade unraveled, according to Galaxy Digital head of research Alex Thorn. 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