Overview
- Galaxy’s Alex Thorn says options imply roughly equal odds of bitcoin near $70,000 or $130,000 by June 2026 and near $50,000 or $250,000 by year‑end.
- Bitcoin trades around $89,000, and Galaxy warns downside risk persists until the price decisively reclaims the $100,000–$105,000 range.
- The firm highlights declining longer‑dated volatility and a shift to richer pricing for puts than calls, linking the change to institutional overwriting and yield strategies.
- Galaxy forecasts US spot crypto ETF net inflows above $50 billion after about $23 billion in 2025 and expects eventual model‑portfolio allocations around 1%–2%.
- Despite cutting its 2025 target to roughly $120,000, Galaxy maintains a multi‑year view that projects bitcoin could reach $250,000 by the end of 2027.