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. After 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.  Alex 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. Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Show highlights: The main drivers for Bitcoin's recent surge, according to Alex Whether long-term Bitcoin holders are selling due to the recent surge in price What the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market Why Alex believes this period in Bitcoin's history is distinct What the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal How the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving Why Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season" Alex's price prediction for Bitcoin by the end of the year Thank you to our sponsors! Uniswap iTrustCapital Polkadot Guest Alex Thorn, Head of Firmwide Research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Recent coverage on Unchained of Bitcoin’s surge:  Should You Sell Bitcoin Now That It’s Nearing Its All-Time High? Bitcoin Watchers React to BTC Returning to the $60,000 Mark Coinbase App Crashes Amid Bitcoin’s Massive Rally Bitcoin Price Surges Past $61,000 Others: The Block: JPMorgan says bitcoin price could drop towards $42,000 after April halving Bloomberg: BofA’s Merrill, Wells Fargo Offer Bitcoin ETFs to Wealth Clients Previous coverage on Unchained of spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday  Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Learn more about your ad choices. Visit megaphone.fm/adchoices