Galaxy says $BTC found its June floor — apparently even the fast money needed a timeout

Galaxy Digital said on Oct 27, 2026 that bitcoin’s bear market had likely ended in June, putting the largest cryptocurrency by market capitalization into an accumulation phase. Head of firmwide research Alex Thorn said, “We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance,” in a note titled “Why now is the time to add and hold BTC.” Bitcoin traded around $80,000, up 38% from June lows under $58,000.

Bitcoin ($BTC) traded at $84,459.46 after its rally stalled in recent weeks, leaving prices around $80,000. It remained approximately 35% below its record high of over $126,000, meaning a return to that level would require a gain of roughly 53%. Sustained weakness below $76,540 would challenge Galaxy’s technical outlook.

Thorn said bitcoin had recovered above its 50-week moving average after spending 44 weeks below it, with five consecutive weekly closes above the level strengthening his conviction that the market had bottomed. Asset managers’ net long exposure through CME bitcoin futures had fallen 57% from the week of the record high, while several major trading firms substantially reduced their ETF holdings. “The fast money has left, the base stayed, and everything else is priced for perfection,” Thorn said.

Spot bitcoin ETFs added 87,000 BTC following the June low, which Galaxy said indicated renewed directional demand as arbitrage activity declined. Thorn also cited improving price-chart signals, reduced selling pressure, mounting fiscal risks and rising U.S. debt as supporting bitcoin’s recovery toward its previous high.

Galaxy Digital is a U.S. financial and infrastructure firm founded in 2018 by billionaire Mike Novogratz. It is headquartered in New York City and trades on Nasdaq under the ticker GLXY.