Galaxy Research declares bitcoin's bear market over, saying it bottomed in June, even as BTC hovers near $80,000

Summary

Galaxy Digital's research arm says bitcoin's bear market ended in June and the asset is now in an accumulation phase, according to reports from The Block and Decrypt on Monday, Oct. 26.

In the report, Galaxy head of firmwide research Alex Thorn wrote that 'now is an attractive time to buy and hold bitcoin,' Decrypt reported, while The Block said Galaxy pointed to fading selling by long-term holders.

Decrypt said Thorn's case rests on bitcoin reclaiming its 50-week moving average, the timing of past halving cycles, onchain data and rising U.S. debt and Treasury yields.

The call comes as bitcoin briefly slipped below $80,000 over the weekend, and Decrypt noted that Galaxy and Thorn both disclose holding bitcoin; this is Galaxy's view, not a forecast from SourcedBlock.

Updates

• Update, Mon, 26 Oct 2026 16:30:00 UTC: Update: Bitcoin Magazine also reported Galaxy Research's view that bitcoin's bear market ended at the June low.
• Update, Tue, 27 Oct 2026 13:20:00 UTC: Update: CoinDesk also covered Galaxy's view, reporting the firm argues improving price trends, resilient ETF demand and rising U.S. debt support bitcoin's recovery toward its previous high.

Key facts

• Galaxy said bitcoin's bear market ended in June and pointed to fading long-term holder selling. (The Block)
• Bitcoin has posted five straight weekly closes above its 50-week moving average after 44 weeks below it, per the report. (Decrypt)
• Bitcoin's market value never fell below its realized value in this downturn, which Decrypt says is a first for any bear market; the ratio bottomed at 1.10. (Decrypt)
• The latest drawdown was 53%, versus declines of 77% to 93% in past cycles, and U.S. spot bitcoin ETFs have added 87,000 BTC since the June low, the report found. (Decrypt)
• Coins dormant for five years or more have been sold at about 34,000 BTC a month this year, half the 2024 pace. (Decrypt)
• Thorn's stated tripwire is a weekly close below the 50-week average, currently $76,540, that isn't regained within a month. (Decrypt)
• Galaxy and Thorn both disclose that they hold bitcoin. (Decrypt)

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