Galaxy Research Director: US ETP Performance Stable, Bitcoin Mimicking Gold as Currency Devaluation Hedge Tool Only a Matter of Time

On December 27, Galaxy Research head Alex Thorn noted on X that Bitcoin will need to close above $93,389 on 2025’s final trading day to post positive annual returns. While investor sentiment toward Bitcoin is currently low, some portfolio managers may reassess the crypto in January 2026. Bitcoin has seen a wave of bullish developments this year, with this upward momentum appearing to become the norm. Despite a lackluster year-end showing, U.S. Bitcoin ETPs have remained far more stable. Since hitting a record $62 billion in October, cumulative inflows have only dropped 9%—underscoring the asset class’s growing maturity. Galaxy believes Bitcoin could soon act as a currency depreciation hedge like gold, as top asset allocators and central banks may catalyze this shift.