Wall Street’s attitude toward Bitcoin has flipped from euphoric to deeply 
skeptical after last year’s crowded long trade unraveled, according to Galaxy 
Digital head of research Alex Thorn. In an interview on What Bitcoin Did, 
Thorn said the shift has less to do with conspiracy theories or a single 
bearish catalyst than with exhausted demand, heavy long-term holder selling, 
and a market now struggling to find a fresh narrative. Thorn pushed back on 
claims that firms such as Jane Street are to blame for Bitcoin’s weakness, 
calling that line of thinking “Twitter cope.” He argued that most of the 
outrage reflects frustration with price action rather than evidence of 
deliberate suppression. “What do we think the actual incentive would be for 
them to suppress the price?” Thorn said. “Bitcoin’s a multi-trillion, well 
whatever it is, one-point-something-trillion-dollar asset. It’s hard to 
manipulate markets of scale in a specific direction because it is a free 
market and it’s a large one.” &#8211; bitcoin didn’t crash because of jane street &#8211; 
whale distribution was significant, inevitable, necessary, healthy &#8211; wall st 
negativity on BTC is real but wrong &#8211; bitcoin’s fundamental value is real and 
right &#8211; you need to be robotmaxxing or you’ll be forever framemogged 
https://t.co/GUMAARf7Pl pic.twitter.com/QQhDy3RNrg — Alex Thorn 
(@intangiblecoins) February 28, 2026 Why Wall Street Is Wrong On Bitcoin His 
broader explanation was more straightforward. From late 2024 through the 
period between the US election and inauguration, he said, being long Bitcoin 
was “the most popular trade in the world.” That changed as capital rotated 
elsewhere. AI-linked equities, semiconductor names, energy plays, quantum 
stocks and gold all began attracting attention, while Bitcoin’s momentum 
faded. Related Reading: Bitcoin Whale Inflows On Binance Reach Highest Level 
Since 2022 At the same time, Thorn said, long-term holders were consistently 
distributing coins into strength. He described that selling as structural 
rather than alarming. “That’s literally how distribution occurs and it’s how 
you make money in a trade,” he said, arguing that older holders taking gains 
is part of Bitcoin’s maturation rather than a sign of failure. He went 
further, framing the whale distribution as constructive for the network over 
the long run. “Technically you want more selling. You want it distributed to 
people who buy it at a higher cost basis,” Thorn said. “The realized price is 
higher and that’s a good thing. That means people, with enormous amounts of 
money, are willing to buy Bitcoin at really high prices. To me that’s a core 
signal of adoption.” Still, Thorn acknowledged that sentiment has deteriorated 
sharply, especially among professional investors. In his view, Bitcoin’s 
failure since September to behave like “digital gold” damaged the story many 
allocators had bought into. Wall Street, he said, took that label too 
literally. Related Reading: Fidelity Thinks Bitcoin May Be Leaving Its 80% 
Crashes Behind &#8220;We didn’t mean it was going to trade with a high beta to GLD,” 
Thorn said. “Its features are gold-like. Its trading behavior hasn’t fully 
caught up to that yet. The delta between those two things, if you believe it 
eventually closes, that’s your alpha.” That mismatch has helped sour 
institutional mood just as broader macro fears have worsened. Thorn said 
investors are anxious about AI from both directions: that it may fail to 
justify massive capex, or succeed so thoroughly that it destroys jobs and 
destabilizes markets. If equities roll over on the back of that uncertainty, 
he suggested, Bitcoin may struggle to stay insulated. Even so, Thorn drew a 
line between short-term sentiment and long-term conviction. “We really should 
focus on explaining its fundamental purpose and use cases and value to a 
holder of Bitcoin as the reason that it goes up,” he said. “Stop begging for 
Jay Powell to buy your bags. That’s not nearly as durable as the reason it 
going up being that people deeply understand the savings technology that is 
Bitcoin.” For Thorn, that is the real story now: Wall Street may have turned 
negative, but the longer-term battle is still about whether more investors 
come to see Bitcoin as a durable store-of-value asset rather than a passing 
macro trade. At press time, BTC traded at $66,109. Featured image created with 
DALL.E, chart from TradingView.com

Bitcoin Sentiment On Wall Street Has Turned Negative, Galaxy’s Thorn Says

The recent inflow into crypto funds indicates a potential shift in market 
sentiment, highlighting renewed investor confidence and strategic 
accumulation.
The post Crypto funds snap five-week outflow streak, drawing $1B amid Bitcoin 
whale accumulation appeared first on Crypto Briefing.

Crypto funds snap five-week outflow streak, drawing $1B amid Bitcoin whale accumulation

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