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Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nAfter a week in which Bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of ETF inflows in Bitcoin's recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market's future trajectory.\xa0\nAlex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing Bitcoin's valuation. He also delves into the implications of major financial institutions like Merrill and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an "altcoin season" and shares his price predictions for Bitcoin by the end of the year.\nLearn more: Bitcoin ETFs Explained: What Are They & How Do They Work?\nShow highlights:\n\nThe main drivers for Bitcoin's recent surge, according to Alex\n\nWhether long-term Bitcoin holders are selling due to the recent surge in price\n\nWhat the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market\n\nWhy Alex believes this period in Bitcoin's history is distinct\n\nWhat the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal\n\nHow the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving\n\nWhy Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season"\n\nAlex's price prediction for Bitcoin by the end of the year\n\nThank you to our sponsors!\n\nUniswap\n\niTrustCapital\n\nPolkadot\n\nGuest\n\nAlex Thorn, Head of Firmwide Research at Galaxy\n\nPrevious appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here\u2019s One Projection\n\n\nLinks\nRecent coverage on Unchained of Bitcoin\u2019s surge:\xa0\n\nShould You Sell Bitcoin Now That It\u2019s Nearing Its All-Time High?\n\nBitcoin Watchers React to BTC Returning to the $60,000 Mark\n\nCoinbase App Crashes Amid Bitcoin\u2019s Massive Rally\n\nBitcoin Price Surges Past $61,000\n\nOthers:\n\nThe Block: JPMorgan says bitcoin price could drop towards $42,000 after April halving\n\n\nBloomberg: BofA\u2019s Merrill, Wells Fargo Offer Bitcoin ETFs to Wealth Clients\n\n\n\nPrevious coverage on Unchained of spot Bitcoin ETFs:\n\nWhy Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs\n\nWhy Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday\xa0\n\nWhy the SEC May Want Cash Creation of Spot Bitcoin ETFs\n\nWhy It Looks Like BlackRock Could Win America\u2019s First Spot Bitcoin ETF\n\nWill a Spot Bitcoin ETF Finally Get Approved?\n\nThe 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share\n\nHow Much Money Will Flow Into Bitcoin ETFs? Here\u2019s One Projection\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices