Bitcoin Enters New Market Regime: GSR's Baehr Sees Momentum Ahead

Andy Baehr, managing director of asset management at GSR, believes Bitcoin has entered a new market regime after breaking past $80,000. The former Morgan Stanley executive spent 25 years on Wall Street derivatives desks before joining the crypto industry.

Baehr witnessed a stagnant summer turn into real momentum within days, driven by ETF demand, fresh liquidity, and collapsing short bets. Bitcoin briefly topped out at $81,272 on Monday, marking the first time since May it tested this threshold.

The GSR Core3 trading model has favored Ethereum (ETH) and Solana (SOL), which Baehr reads as a bet on blockchain adoption itself. He believes flows into these assets suggest investors expect tokenization and stablecoins to reshape how markets settle.

Baehr also wants the Clarity Act passed this year, which would define how the SEC and CFTC split crypto oversight. He concedes the vote could slip to 2027 but sees agency rulemaking as a credible fallback.