Investors’ attention has shifted to AI and quantum technologies.
Optimism towards the leading cryptocurrency has slightly diminished compared to the sentiments at the start of the year, but investor interest is expected to return later. This was stated by Alex Thorn, head of research at Galaxy Digital, in an interview with CNBC.
“Attention will shift back to Bitcoin, as it always does,” he noted.
According to Thorn, digital gold became the “deal of the year” following Donald Trump’s victory in the U.S. presidential election. However, market participants have now moved in other directions.
The expert highlighted areas such as artificial intelligence, nuclear energy, quantum technologies, and gold.
“In this cycle, there have been many other sources of profit that have hindered investment in Bitcoin,” Thorn emphasized.
Meanwhile, many of the sectors that “distract” investors, especially gold, are the same ones often compared to the first cryptocurrency, according to the Galaxy researcher.
Thorn remains optimistic about Bitcoin’s long-term prospects. However, he recently lowered his year-end 2025 target from $185,000 to $120,000.
As the leading cryptocurrency lags, altcoins may take the lead. Analyst Matthew Hyland observed that the BTC dominance chart “has looked bearish for many weeks.”
The reason why you should have confidence in the Alt coin price action is because the #BTC Dominance chart looks bearish and has looked bearish for many weeks
The downtrend is favorable to continue therefore this relief rally has been a dead cat bounce in a downtrend: https://t.co/QgduZZ3Qxq pic.twitter.com/5RlgY3CRG2
— Matthew Hyland (@MatthewHyland_) November 8, 2025
“The downtrend is favorable to continue, so this relief rally has been a ‘dead cat bounce’ during a correction,” he explained the recent short-term rise in the indicator.
At the same time, “veteran whales” are increasing their Bitcoin sales. Glassnode specialists presented a chart showing an increased frequency of large transactions—red lines indicate the activity of wallets older than seven years, spending more than 1000 BTC per hour.
“The key difference in this cycle is that such large expenditures by first-generation whales occur more frequently. This indicates a steady distribution,” the researchers clarified.
Since October 12, whales have sold 32,500 BTC, while small investors have been actively buying during the dip. According to Santiment analysts, this divergence in behavior serves as a warning signal for the asset.
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Galaxy Analyst Observes Waning Interest in Bitcoin – ForkLog
