Alex Thorn, head of firmwide research at Galaxy, has made a new call on Bitcoin (BTC): the cryptocurrency has already printed its bear-market floor. In a post published on X on Monday, 2026-10-26, Thorn argued that the current drawdown has bottomed, building the case on reasoning rather than a single number — namely, which cohorts of holders have stopped selling. Bottom calls rank among the most closely scrutinized commentary in crypto research, because they speak directly to the question weighing on market participants during a prolonged drawdown: how much further weakness, if any, remains.

The analysis cited alongside his remarks points to a sharp cooldown in dormant supply movement: outflows of dormant Bitcoin have halved to 34,000 BTC. Dormant supply refers to coins that have remained unmoved on-chain for extended periods, a category generally associated with long-term holders. On-chain analysts track transfers of such coins closely, since they can signal shifts in behavior among holders who rarely sell; a decline in these outflows means fewer long-inactive coins are changing hands. That makes the pace of dormant outflows a concrete figure to follow going forward, as analysts gauge whether the cooldown persists.

Thorn leads firmwide research at Galaxy, a financial services firm focused on the digital asset space. His latest call addresses one of the central questions of the current cycle: whether the ongoing drawdown has run its course. By his assessment, the answer is yes — with the emphasis placed not on a specific price level, but on the observation that key selling cohorts have stepped back. As with any analyst assessment, the call represents one interpretation of on-chain data rather than a confirmed outcome.

This content was first published on COINOTAG: https://en.coinotag.com/galaxy-alex-thorn-bitcoin-btc-bottomed-dormant-outflows-halve-34000-btc