Galaxy Digital Says Bitcoin Bear Market Is Officially Over

Galaxy Digital (NASDAQ: $GLXY) says that the bear market in Bitcoin (CRYPTO: $BTC) is officially over and it's now time to buy the biggest cryptocurrency by market capitalization.

Galaxy Research, the company's "insights division," points to a marked slowdown in BTC movement among older wallets as proof that the crypto winter is over.

According to the firm, Bitcoin in wallets that had remained untouched for at least five years are now moving at an average rate of 34,000 BTC a month, down from 47,000 BTC previously.

Galaxy also said that mounting U.S. debt and deficits strengthen Bitcoin's appeal as a hedge against currency debasement, with federal debt at $40.44 trillion U.S.

The bullish note from Galaxy lands on a day when Bitcoin has fallen below its key support level of $80,000 U.S. and crypto remains under pressure from volatile markets worldwide.

Although Bitcoin has rebounded from its June 30 low of $58,000 U.S., it still sits about 35% below its October 2025 record high of $126,000 U.S.

Bitcoin has closed above its 50-week moving average for five straight weeks through Oct. 18, after spending 44 consecutive weeks below it, notes Galaxy Research.

Bitcoin also tested its 200-week moving average during the decline to the June low, with its worst weekly close coming 4.7% below that level.

"We believe the bottom is in, selling pressure has diminished, the debasement case has strengthened, and the crowd has left," writes Galaxy Research in its report.

BTC fell nearly 2% to $79,800 U.S. early on Oct. 26 before recovering to trade right around $80,000 U.S.