Galaxy: Now’s the Moment to Accumulate Bitcoin

Now is the time to accumulate bitcoin, Galaxy says

Galaxy Research says Bitcoin’s bear market ended in June and that the asset has entered an accumulation phase, arguing that current conditions make it “an attractive time to buy and hold bitcoin.” The view was outlined in a research alert from the firm.

Galaxy’s thesis rests on a mix of market structure, technical signals and macro context. The firm said selling pressure has diminished and that the “debasement case has strengthened,” pointing to rising U.S. debt and deficits as a backdrop that can improve Bitcoin’s appeal as a hedge against currency debasement.

The note highlights that the latest drawdown was 53%, which Galaxy described as the shallowest in Bitcoin’s history and the first in which price did not fall below the network’s realized cost basis.

Galaxy also pointed to sustained demand from spot Bitcoin ETFs since the June low. According to the research, spot ETFs have added 87,000 BTC over that period, supporting the argument that institutional channels have continued to absorb supply even after a major decline.

On the technical side, Galaxy said Bitcoin reclaimed its 50-week moving average in the week ended Sept. 20, and it cited a series of weekly closes above that level through mid-October as a constructive signal.

At the time of the analysis, Bitcoin was trading near $80,000, with Galaxy noting it was down 35% from an October 2025 high and 39% above the June 30, 2026 low. The firm also said a sustained weekly close below about $76,540 would undermine its outlook.

To frame the broader context, Galaxy referenced Bitcoin’s halving cycles. Prior cycles, the firm said, bottomed 777, 889 and 912 days after their respective halvings, and Oct. 22 marked day 916 in the current cycle. Galaxy added that while past post-bottom gains were large, they have diminished with each cycle and it does not forecast a repeat of earlier multiples.

Overall, Galaxy’s message was that Bitcoin appears to be transitioning from a prolonged decline into a phase historically associated with longer-term positioning, supported by fading selling pressure, ETF inflows and macro conditions tied to expanding government debt.