Unchained
Bitcoin's Price May Have Bottomed. One Reason Is the AI Debasement Trade
Oct 30, 2026
About this episode
Galaxy's Alex Thorn argues Bitcoin bottomed in late June. While macro funds exit, sovereign wealth funds buy and AI pushes debasement, he says now makes a good entry point. ======================================================== Thank you to our sponsor! Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at https://unchainedcrypto.com/go/nexo-podcast-sn. Geo-restrictions, eligibility and terms apply. ======================================================== Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for. Our listener survey takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura ======================================================== Bitcoin has now traded five or six weeks above its 50-week moving average. In every prior bear market, Alex Thorn says, that signal meant the bottom was already in, and he believes this one came in late June. Thorn, Head of Firmwide Research at Galaxy, walks Laura Shin through his essay "Why Now Is the Time to Add and Hold BTC," including 13F filings showing Millennium and D.E. Shaw cutting Bitcoin ETF exposure while Mubadala and Morgan Stanley Wealth Management added, and long-dormant coins waking up at 34,000 BTC a month in 2026, down from 67,000 in 2024. He argues a $40 trillion national debt and a credit-funded AI buildout make the debasement case stronger than at the October high, then names the tripwires that would break his thesis, from a sustained drop below the 50-week average to a quantum computer. With conferences full of tokenization panels, being long Bitcoin may be the contrarian trade. Host: Laura Shin, Host / Unchained Guest: Alex Thorn - Head of Firmwide Research at Galaxy Timestamps 🎬 00:00 Intro 📋 00:29 Unchained Survey: complete the listener survey at https://unchainedcrypto.com/survey 🎙️ 01:28 Bits + Bips: search Bits + Bips and subscribe at https://www.youtube.com/@Bitsandbips 🧭 01:50 Why Alex says retaking the 50-week average means Bitcoin bottomed in June 🏦 06:36 Who sold and who bought: macro funds out, sovereign wealth funds in 💳 12:19 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt 🐋 13:09 Why fewer old coins are waking up in 2026, and what that means for supply 💵 16:42 Why Alex says the debasement case is stronger than at the October high 🕵️ 19:56 Why Alex sees Bitcoin as an exit from an AI-powered surveillance state 🧱 23:48 Why Alex sees the tokenization boom as a contrarian signal to buy Bitcoin ⚠️ 29:31 The tripwires that would invalidate Alex's bottom call 🎯 34:09 Alex's $125K target and his $250K call for the end of 2027 Learn more about your ad choices. Visit megaphone.fm/adchoices