The future of Bitcoin is probably likely now to be characterized more by lower volatility, passive bids, by wealth advisors, into ETFs. Like, that's a good thing. I mean, that's the reason I think you've seen the whales, some whales, not all, but some OG whales distributing here is not because they're bearish on Bitcoin's future, but simply because they can. The market is so much more liquid and bigger than it has been in

the past. Perhaps the era of 10x, 100x,000 X is over for Bitcoin and that it's entering a new

maturity phase where it looks a lot more like a stable but growing asset. A lot to compete with this

year and Bitcoin just didn't deliver the returns necessary to keep it in the front of every investor's minds.

I think that can change.

And for obviously long, I haven't put out my year on 26 call yet.

I'm not quite prepared to do that.

But I think suffice to say it will be higher.

Welcome back to the Blockspace podcast.

I've got Alex Thorne, head of research at Galaxy Digital.

Alex, welcome to the show. Thanks for having me, Charlie, big fan of the show and great to be here.

Yeah. You know, I've had a number of the Galaxy research folks. I had Will. I had Zach, and I'm

completing my Infinity Gauntlet with you here. And I have half a mind to try to talk about stablecoins.

Because, you know, there's, there's a lot of Bitcoiners, I think,

who have like a sophisticated understanding of stablecoins, myself included.

And so I want to have like a Bitcoiner to Bitcoin or chat about sales.

But before that, as of right now on Monday, this pod comes out Wednesday.

As of right now, the government is still shut down. And I think maybe this could be an interesting

place to kick it off. How much is the government shut down affecting Bitcoin price?

And now that we may have a lighted end of the tunnel, what's your take?

I don't think it's affected it that much. I think the October 10th leverage

wipe out, as I've been calling it, definitely affected it more. I think competition this year from

...