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

Alex Thorn, Galaxy Digital's head of research, argues that the recent Oct. 10 crypto sell-off, triggered by high leverage hitting thin order books and exacerbated by auto-deleveraging, does not signal the end of the bull cycle. He also notes short-term drag from macroeconomic jitters and cooling digital asset treasury companies. However, Thorn remains constructive medium-term, highlighting three major tailwinds for the next rally: significant AI capital spending by incumbents, the growing adoption of stablecoins as payment rails deepening liquidity, and the implementation phase of tokenizing real-world assets, which creates new demand for block space. He maintains a positive outlook for Bitcoin as digital gold and for majors like ETH and SOL due to their ties to stablecoin usage and tokenization.

(Source：CoinDesk)