Galaxy’s Alex Thorn Says Bitcoin Held Near $80,000 Because Hedge Funds Had Already Sold
By Unchained
AI summary of the source article
Bitcoin maintained levels near $80,000 because macro and multi-strategy hedge funds had already sold their positions, according to Galaxy Digital's Alex Thorn. Analysis of 13F filings revealed nine major institutions shed approximately 68,000 BTC in spot bitcoin ETFs.
Key facts
- Alex Thorn stated Bitcoin held near $80,000 because investors reacting to AI concerns had already exited their positions.
- Nine filers, including Goldman Sachs, Millennium Management, and Capula Management, reduced holdings by 29% to 100%, shedding around 68,000 BTC.
- Combined spot bitcoin ETF holdings across 2,200 filers decreased 14%, reflecting a net drop of 48,000 BTC.
Source excerpt · Unchained
Galaxy's research chief pointed to 13F data showing trading-driven hedge funds and bank desks had already pared their spot bitcoin ETF positions by June. The post Galaxy’s Alex Thorn Says Bitcoin Held Near $80,000 Because Hedge Funds Had Already Sold appeared first on Unchained .