Galaxy Digital: Crypto Market Remains Resilient Despite Sharp Downturn

• On the night of October 11, the volume of liquidations in the crypto market exceeded $19 billion.
• Galaxy Digital, however, is convinced that fundamentally the digital asset market remains strong.

The cryptocurrency market remains fundamentally strong despite the crash on the night of October 11, 2025, which led to the liquidation of futures positions for more than $19 billion, said the head of general research at Galaxy Digital, Alex Thorne.

In his opinion, the so-called “cooling” does not cancel long-term growth drivers — especially for artificial intelligence. Especially, the analyst drew attention to the large-scale participation of large companies and the US government in financing the sector.

In addition, Thorne emphasized that bitcoin, in his opinion, retains the position of “digital gold” and can win against the background of growing distrust in the fiscal and monetary policies of governments. Such a role, the expert believes, makes the first cryptocurrency resistant to the fluctuations of traditional markets and macroeconomic uncertainty.

He also noted that further development of tokenization and stablecoins, along with positive regulatory shifts in the US, creates favorable conditions for such key digital assets as Ethereum and Solana. According to Thorne, these factors have the potential to support the market’s recovery from recent fluctuations.

However, Thorne noted that interest in digital treasuries (DATs) has declined markedly. He attributed this to a drop in the value of their shares, which caused the market to have fewer investors who previously bought crypto assets regardless of price fluctuations. In his opinion, this makes the market more vulnerable in the short term, even after the recent cleanup period.

Recall, earlier CryptoQuant said that bitcoin has entered the late stage of the bull cycle.