There Are Three Major Tailwinds for Crypto’s Next Rally, Says Galaxy Digital’s Alex Thorn

Why It Matters

Near term, Thorn warns of fragility from leverage washouts, thinner liquidity and weaker digital asset treasury flows, but he stays constructive on BTC, ETH and SOL as beneficiaries of those structural trends.

Summary

Galaxy Digital head of research Alex Thorn says the structural crypto bull market remains intact despite Oct. 10’s sell‑off, citing roughly $19 billion of liquidations as Bitcoin fell from about $126,300 to an intraday low near $107,000 and Ether slid from roughly $4,800 to $3,500. He identifies three medium‑term tailwinds — AI capital expenditure, growing stablecoin use as payment rails, and accelerating tokenization of real‑world assets — that should deepen liquidity and sustain demand for core chains. Near term, Thorn warns of fragility from leverage washouts, thinner liquidity and weaker digital asset treasury flows, but he stays constructive on BTC, ETH and SOL as beneficiaries of those structural trends.