"None of the people freaking out about AI own Bitcoin." Alex Thorn on why Bitcoin held $80K through the AI panic: hedge funds had already sold, while wealth managers and sovereign funds kept buying. "If we look at Q2, you see Brevan, Millennium, all these macro hedge funds, probably also doing the basis, reducing. Or even exiting completely. Massive reductions by that type of trader." "These are the types of traders that either are multistrat or they're macro based. And they're trading Bitcoin in relation to equities or with a view towards what the broader market is doing." "The biggest gainers and adders of Bitcoin spot ETF exposure in Q2 were Morgan Stanley Wealth Management, Mubadala, and Abu Dhabi, the sovereign wealth funds." "People ask why Bitcoin's been so resilient around 80 while everybody has a wall of worry meltdown about the AI trade the last month. It's not in their inventory to sell because they've already gotten out of the trade." "Meanwhile, wealth management and financial advising, that's not fast movements. Maybe they rebalance on a quarterly basis. That's much longer term capital."