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“We haven’t even begun to reach the heights this is likely to go.” Alex Thorn, head of firmwide research at Galaxy, said in a market analysis posted on X (formerly Twitter) Thursday. He argued that the U.S. spot bitcoin ETFs are a “game changer,” providing steady – and recently accelerating – demand for BTC. Meanwhile, some 75% of bitcoin’s supply is owned by long-term holders, who have been unwilling to sell so far at recent price levels.
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