Galaxy Research says Bitcoin bottomed in June and is now in accumulation phase

Galaxy Research head Alex Thorn argues Bitcoin's bear market ended in June, citing the asset closing five straight weeks above its 50-week average and never falling below its realized value in a bear market for the first time. The report notes Bitcoin is up 39% since its June low, with on-chain data showing short-term holders in profit and selling pressure fading as dormant coin movement slows. Thorn also points to rising federal debt and Treasury yields as macro factors supporting Bitcoin.