Galaxy

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips A firmware bug quietly introduced into Coldcard hardware wallets in 2021 has let attackers drain an estimated 1,600 to 2,000 bitcoin, over $100 million, from cold storage addresses that sat untouched for years. Galaxy Digital's Alex Thorn has been tracing the exploit in real time, and in this clip he breaks down exactly how the random number generator meant to secure private keys "failed silently" into "way too weak entropy," and lays out the wave-by-wave forensic trail he is using to track the attacker. Alex Thorn identifies three confirmed attack waves and a possible fourth, and Chris Perkins makes the case that even a "trustless, permissionless" system still requires trusting something, in this case, a hardware wallet's own firmware. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest: Alex Thorn - Head of Research at Galaxy Digital and host of Galaxy Brains This clip is from a longer conversation on the Coldcard hack, U.S. AI guardrails, and the case for self custody. Full episode here. https://youtu.be/0oYZGw2DSj0?si=TwubhLQ35L8cXyG_ We go live every Monday at 4:30pm ET. Subscribe to catch it live. 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🔐 00:00 Coldcard's reputation as Bitcoin's gold standard hides a deep systemic flaw 🎲 03:42 How a 2021 firmware update let key generation fail silently into weak entropy 🕵️ 09:56 Alex Thorn traces three confirmed attack waves, and a possible fourth 🤝 14:05 'They trusted Coldcard to do the right thing': what broke when a hardware wallet failed Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Two surprise Democrat votes just rerated the entire crypto policy timeline. After the Senate Banking Committee advanced the Clarity Act on a bipartisan basis, Galaxy Digital head of research Alex Thorn moved his odds of the bill being signed this year from a coin flip to 75%. He and David map the seven-week sprint to the president's desk, the ethics-provision standoff that could still sink everything, the bank lobby's quiet obstruction game, and why the stablecoin yield compromise leaves the real fight for rulemaking. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | MEMBER MONTH https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo ------ TIMESTAMPS 0:00 Intro 0:39 Clarity Act Vote Reactions 5:16 What’s Next? 10:05 Trump Veto? 15:21 Stablecoin Rewards Compromise 28:14 Administration Precedence 31:02 Why is Clarity So Important? 41:01 Which Ecosystems Benefit the Most? 42:59 Clarity Act Passing Over-Under 48:17 Bitcoin Price After CLARITY 49:39 Closing & Disclaimers ------ RESOURCES Alex Thorn https://x.com/intangiblecoins Galaxy Digital https://www.galaxy.com/ Senate Banking Committee Advances Crypto CLARITY Act https://www.bankless.com/read/news/senate-banking-committee-advances-crypto-clarity-act ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Thank you to our sponsor, Mantle! In this Unchained podcast episode, guests Alex Thorn and Ryan Graham share their 2026 outlook for Bitcoin and the broader crypto market, exploring why the year looks unusually uncertain. The conversation also digs into questions around Ethereum’s long-term value, whether killer apps are enough to drive adoption, prediction markets’ push into sports betting, and why the privacy meta could continue in 2026. Hosts: Laura Shin Guests: Ryan Graham, Research Analyst at Messari Alex Thorn, Head of Firmwide Research at Galaxy Digital Links: DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead Ethereum’s Vitalik Buterin Says Blockchain Trilemma ‘Has Been Solved’ Solana Withstands Week-Long DDoS Attack Solana Mulls Proposal to Lower Inflation Rate Western Union Files ‘WUUSD’ Trademark After Solana Stablecoin Reveal Why the Privacy Coins Mania Is Much More Than Price Action The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race How to Trade Prediction Markets Without an Opinion on the Event Why Wall Street Banks Need to Launch Their Own Stablecoins How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens Klarna Launches Stablecoin Built on Stripe’s Tempo Chain How the x402 Standard Is Enabling AI Agents to Pay Each Other Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Ryan Graham

Research Analyst

Messari

The fight for Hyperliquid’s USDH stablecoin is more than a ticker battle—it’s a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market.  In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund’s Kavita Gupta, Galaxy Digital’s Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins? Sponsors: Xapo Walrus Host: Steve Ehrlich, Executive Editor at Unchained Guests: Kavita Gupta, Founder & Managing Partner of Delta Blockchain Fund Alex Thorn, Head of Firmwide Research at Galaxy Digital Sam Kazemian, Founder of Frax Finance Links: Unchained:  The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Sky Joins Bidding War to Launch Hyperliquid’s USDH  Timestamps: 🎬 0:00 Intro 🔥 4:17 The bidding war for Hyperliquid’s USDH 🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized ⚠️ 29:22 Are DATs already broken as a product? 🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money 📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates 💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be 🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Kavita Gupta

Founder and General Partner

Delta Blockchain FundFINTECH.TV

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Sam Kazemian

Founder

Frax Finance

This week, Alex Thorn joins us to unpack Trump's shocking tariff announcement that sent markets plunging and investors scrambling. Circle files for its IPO, revealing surprising financials, while the FDIC gives banks the crypto green light. CoreWeave debuts with a blockbuster IPO, and Eric Trump dives deeper into Bitcoin mining. We cover all this chaos and more in this week’s Weekly Rollup. Follow Alex on X & check out his Galaxy Brains podcast: https://x.com/intangiblecoins https://www.galaxy.com/insights/podcasts/galaxy-brains/ ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo 🏦INFINEX | THE CRYPTO-EVERYTHING APP https://bankless.cc/Infinex ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:29 Trump’s Reciprocal Tariffs https://x.com/kobeissiletter/status/1907556839686054240 https://x.com/WhiteHouse/status/1907533090559324204 https://x.com/CalltoActivism/status/1907549193650188469 https://x.com/notlouisck/status/1907657906117554278 https://x.com/JamesSurowiecki/status/1907559189234196942 https://x.com/KushDesai47/status/1907618136444067901 https://x.com/TrustlessState/status/1907769359621067017 36:53 Circle Files for IPO https://x.com/Cointelegraph/status/1907172102353924269 https://x.com/g_djuric/status/1907200843289370910 https://x.com/Nick_van_Eck/status/1907181670504993026 https://x.com/TheOneandOmsy/status/1907229821043626100 https://polymarket.com/event/circle-ipo-in-2025?tid=1743435443834 54:32 Eric Trump & Bitcoin Mining https://x.com/EricBalchunas/status/1906689372142915712 https://x.com/FDICgov/status/1905662427783467111 58:07 CoreWeave IPO https://www.galaxy.com/transactions/coreweave-growth-financing 1:04:47 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Joining us this week is Alex Thorn to break down why crypto markets are taking a hit. Major hacks, bearish macro signals, and fresh tariffs from the U.S. all played a role. But it’s not all bad news: the SEC is backing off from lawsuits against Coinbase, OpenSea, and Uniswap, signaling a potential shift in regulatory pressure. Plus, Bybit suffered the biggest crypto hack ever, losing $1.5B—how did it happen, and who’s behind it? Follow Alex: https://x.com/intangiblecoins ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax  🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain  ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo  🦋MORPHO | CRYPTO-BACKED LOANS  https://bankless.cc/Morpho  ----- ✨ Mint the episode on Zora ✨ https://zora.co/coin/base:0xca607e1fcbdf83f893891742bf2f4933a609a9a2?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E  ------ TIMESTAMPS & RESOURCES   00:00:00 Intro To Alex 00:01:21 Market Breakdown https://www.cnbc.com/2025/02/25/how-trumps-tariffs-on-mexico-and-canada-will-sweep-across-us-states.html  00:09:43 Treasuries vs Equities 00:22:12 The Largest Hack In History https://x.com/Bybit_Official/status/1892965292931702929  https://x.com/smyyguy/status/1893007399687958586/photo/1  https://x.com/benbybit/status/1892969284587966869  https://x.com/benbybit/status/1893102137711960486  https://www.chainalysis.com/blog/bybit-exchange-hack-february-2025-crypto-security-dprk/  https://x.com/StefanDGeorge/status/1894781521803858353  https://x.com/hasufl/status/1894772256179405158  https://x.com/arkham/status/1893033424224411885?s=46&t=v4MeJk18PFydz-g2BpdAVg  https://x.com/Jesseeckel/status/1893047605133037905  https://x.com/mudit__gupta/status/1893290720603050121  https://x.com/Bybit_Official/status/1893687749229563958  https://x.com/benbybit/status/1893865556840775758  https://x.com/lookonchain/status/1893840256342040727  https://x.com/TimBeiko/status/1893412457567383559  https://x.com/ethena_labs/status/1892971552565805309  00:34:12 Ethereum Hard Fork Backlash 00:43:03 SEC Drops Lawsuits https://x.com/coinbase/status/1892923603814936896  https://x.com/dfinzer/status/1893086281300582772  https://x.com/Uniswap/status/1894452298698358989  https://x.com/econoar/status/1894501626209271973  00:48:32 Hester Peirce Update 00:54:46 Bullish Or Bearish? 01:04:48 A16Z’s Newest Hire https://x.com/patrickmchenry/status/1894735546213171378  01:06:30 Stablecoin Issues 01:12:31 US Treasury Updates https://x.com/Bitcoin_Laws/status/1893399549454229690  https://bitcoinlaws.io/  01:15:58 Find Alex on Twitter https://x.com/intangiblecoins  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Alex Thorn, Head of Research at Galaxy Digital, joins us to unpack all the craziness that's gone down this week around the inauguration. Alex had the opportunity to attend the Crypto Ball and spend the weekend in DC so he gives us the inside scoop among all the other exciting developments. Alex on X - https://x.com/intangiblecoins   ------ BANKLESS SPONSOR TOOLS: 🪙 FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax  🦄UNISWAP | BUG BOUNTY PROGRAM https://bankless.cc/Uniswap-Bug-Bounty  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  🌐 CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo  🎮RONIN | THE FUTURE OF WEB3 GAMING https://bankless.cc/Ronin  ----- TIMESTAMPS 00:00 Inaugration Recap 04:23 Ross Ulbricht Is Free 20:42 TRUMP Token Launch 37:27 The Crypto Ball 44:00 Pro Crypto SEC 50:05 Tornado Cash Updates ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP’s latest rally, dubbed the “most hated rally in crypto.”  They also analyze the new Treasury Secretary’s ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life. And in a moment that captures the personal side of crypto’s rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars.  Show highlights: Why the newly appointed Treasury Secretary might be the right person for the job Whether the December rates cut is unnecessary How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight How Facebook’s project Libra would have benefited the US Dollar hegemony Whether the U.S. Congress will pass stablecoin legislation in 2025 Why Ram believes Ryan Selkis would be a good Crypto Czar How people have been asking more about bitcoin during Thanksgiving Whether the XRP rally is a negative indicator What James thinks about the filings for news ETFs, such as WisdomTree’s XRP Why Alex thinks that ETH could continue its recent rally The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Alex Thorn, Head of Firmwide Research at Galaxy Digital Links Politics Unchained:  Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary The Trump-Connected Brad Bondi Is A New SEC Chair Contender and Pro-Crypto Investing: How Scott Bessent Plans to Reshape the US Economy with His 3-3-3 Rule Macro Investing: US manufacturing improves in November as orders rebound, input price gains slow Operation Chokepoint 2.0 Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?  Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin XRP Unchained:  XRP Becomes the Top Traded Token on Binance and Coinbase, Hits Almost 7-Year High XRP Rallies 70% in a Week to Top Solana, Tether Market Cap The Block: WisdomTree files with SEC for spot XRP ETF Ethereum Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance  Timestamps: 00:00 Intro 02:15 Why the new Treasury Secretary could reshape the economy 06:28 Is a December rate cut unnecessary? 15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0 19:54 The missed opportunity of Facebook’s Libra for USD dominance 26:48 Will stablecoin legislation finally pass in 2025? 31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar” 34:45 Bitcoin conversations taking over Thanksgiving dinner 39:48 Is the XRP rally a red flag for the market? 48:15 James’s take on new ETF filings like WisdomTree’s XRP 55:48 Why Alex believes ETH could extend its recent gains 1:01:37 What MicroStrategy’s NASDAQ addition means for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Alex Thorn, Head of Research at Galaxy Digital, joins us to unpack the impact of last night’s sweeping Republican victory on the crypto landscape.  We dive into record-breaking price action, potential shifts in crypto legislation, and the role Polymarket played in election coverage. Tune in for insights on what lies ahead for crypto in this new political climate. Alex on X - https://x.com/intangiblecoins  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  🐧 CARTESI | LINUX-POWERED ROLLUPS https://bankless.cc/CartesiSimple  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle    🦄UNISWAP | BROWSER EXTENSION https://bankless.cc/uniswap  🤖 dYdX | UNLIMITED LAUNCHING SOON https://bankless.cc/dYdXUnlimited ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/90?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Is the Ethereum ETF Bullish for ETH? Matt Hougan and Alex Thorn put together their own analysis of inflows for the ETH ETF. Remarkably, their numbers came in somewhere close to the same place. We discussed how much demand there will be for the ETH ETF, whether or not it will overperform or underperform expectations and the overall state of the Crypto Market today. ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/24?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E  ------ TIMESTAMPS 0:00 Intro 2:18 When ETH ETF? 7:16 Data Gathering Process 13:59 The BTC ETF Datapoint 24:17 Estimating ETH ETF Inflows 42:19 Price Impact 52:36 The ETH ETF Bear Case 1:03:14 Solana ETF? 1:05:44 The State of the Market 1:13:53 Closing & Disclaimers ------ RESOURCES Matt Hougan https://x.com/matt_hougan   Alex Thorn https://x.com/intangiblecoins   Bitwise https://bitwiseinvestments.com/   Galaxy Digital https://www.galaxy.com/   ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Matt Hougan

Chief Investment Officer

Bitwise Asset ManagementBitwise

Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 Bitcoin worth nearly $9 billion to creditors between July and October.  Market concern has been growing over the potential impact on Bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval. Show highlights: 00:00 Intro 02:04 Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid  13:35 What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card 18:18 Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors 23:06 Whether potential outflows from Grayscale's Ethereum Trust will dampen the excitement around Ethereum ETFs 25:07 How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices 27:32 The chances the SEC approves a spot Solana ETF Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Alex Thorn, head of research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Mt. Gox. Unchained: Crypto Market Sees $300 Million Liquidated as Bitcoin Briefly Drops Below $59,000 CoinDesk: Mt. Gox to Begin Repayments in July Governments selling: Unchained: US Government Sends $241 Million in Bitcoin to Coinbase: Arkham Cointelegraph: German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken Solana ETF Reuters: Investment manager VanEck files to list first spot Solana ETF in US | Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. After a week in which Bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of ETF inflows in Bitcoin's recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market's future trajectory.  Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing Bitcoin's valuation. He also delves into the implications of major financial institutions like Merrill and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an "altcoin season" and shares his price predictions for Bitcoin by the end of the year. Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Show highlights: The main drivers for Bitcoin's recent surge, according to Alex Whether long-term Bitcoin holders are selling due to the recent surge in price What the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market Why Alex believes this period in Bitcoin's history is distinct What the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal How the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving Why Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season" Alex's price prediction for Bitcoin by the end of the year Thank you to our sponsors! Uniswap iTrustCapital Polkadot Guest Alex Thorn, Head of Firmwide Research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Recent coverage on Unchained of Bitcoin’s surge:  Should You Sell Bitcoin Now That It’s Nearing Its All-Time High? Bitcoin Watchers React to BTC Returning to the $60,000 Mark Coinbase App Crashes Amid Bitcoin’s Massive Rally Bitcoin Price Surges Past $61,000 Others: The Block: JPMorgan says bitcoin price could drop towards $42,000 after April halving Bloomberg: BofA’s Merrill, Wells Fargo Offer Bitcoin ETFs to Wealth Clients Previous coverage on Unchained of spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday  Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Alex Thorn is head of Research at Galaxy Digital, leading a team of researchers focused on unpacking the market developments in crypto, producing information for both internal and external audiences. Before Galaxy, Alex was Director of Blockchain Research at Fidelity, so he’s a veteran of straddling TradWorld and Crypto.  Today we talked to Alex about the bull vs. bear case for the BTC ETF.  ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT  ----- 🔐 Get a Free Trial of Doppel https://bankless.cc/doppel  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2 ⁠  🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum ⁠  🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku  🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap  🔗 CELO | CEL2 COMING SOON https://bankless.cc/Celo  ------ TIMESTAMPS 0:00 Intro 7:25 Spot BTC Interests 9:15 Breaking Down Alex's Thread 18:20 Spot BTC Pipeline & Next Steps 28:00 Inflows Into Bitcoin ETF 30:00 Predicting How Investors Will Invest  32:30 BTC Price Impact  42:20 Estimated BTC Price Prediction  46:15 Predicting Timeline 49:40 BTC ETF Marketing  52:00 The Bear Case for BTC ETF 1:02:30 Marijuana Analogy  1:04:30 ETH ETF Argument  1:09:50 Galaxy Brains  1:11:30 Closing & Disclaimers  ------ RESOURCES Alex https://twitter.com/intangiblecoins  Galaxy Brains Podcast https://www.galaxy.com/insights/podcasts/galaxy-brains/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

In a recent report, Alex Thorn, head of research at Galaxy, predicted that inflows to spot bitcoin ETFs would rise above $14 billion in the first year following the potential approval by the Securities and Exchange Commission of multiple applications the agency is considering. Thorn called the availability of this product significant because it will give financial advisors and wealth managers accessibility to digital assets in a way that will be acceptable to clients seeking exposure to crypto. He also believes approval of a spot BTC ETF could occur this year before the holidays, and draws comparisons between bitcoin and gold as investment products.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: why Alex believes this is a significant moment for Bitcoin how, in Bitcoin, retail had access to this asset before institutions why Alex expects the spot Bitcoin ETF approved this year what the capital inflows Galaxy expects to be in the first years and how they arrived at those numbers  whether the addressable market will increase significantly for Bitcoin what will be the average percentage of assets adding BTC exposure why Alex compares Bitcoin to gold, and what he learned after comparing both types of assets how much the price of Bitcoin will increase after the first year of the ETF approval, according to Galaxy's report how the several spot Bitcoin ETFs will be differentiated  Thank you to our sponsors! Crypto.com Arbitrum Foundation Popcorn Network Guest Alex Thorn, head of firmwide research at Galaxy Links Previous coverage of Unchained on spot Bitcoin ETFs: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF Unchained:  Bitcoin Soars Past $35,000 Amid Spot ETF Optimism Bitcoin ETFs Explained: What Are They & How Do They Work? CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets 12 spot bitcoin ETFs in consideration by the SEC Galaxy: Sizing the Market for a Bitcoin ETF Alex’s thread drawing out highlights from the report Alex’s thread on the potential for a “gamma squeeze” CoinShares Digital Asset Funds Flow Weekly Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy