Alex Thorn(@intangiblecoins):anemic treasury company purchasing and ETF outflows have contributed to bitcoin’s weakness in october in this chart, Institutional Absorption vs. OG Distribution, we measure: (ETF Net Flow + BTC Treasury Company Net Flow) - (5+ Year Dormant Coin Awakenings Onchain)

Alex Thorn

@intangiblecoins

Head of Firmwide Research $GLXY @galaxyhq @glxyresearch 🎙️ Past @Fidelity Patron @pubkey_nyc disclaim

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Alex Thorn@intangiblecoins

2026.10.18 13:52

anemic treasury company purchasing and ETF outflows have contributed to bitcoin’s weakness in october in this chart, Institutional Absorption vs. OG Distribution, we measure: (ETF Net Flow + BTC Treasury Company Net Flow) - (5+ Year Dormant Coin Awakenings Onchain)