Galaxy Digital CEO: The "Speculative Era" of Cryptocurrency May Be Coming to an End

PANews February 11 News, according to CNBC, Galaxy Digital CEO Mike Novogratz stated at the Digital Finance Forum on Tuesday that the "speculative era" of cryptocurrencies may be coming to an end, and the industry will shift towards a development phase characterized by real-world assets and lower returns. Novogratz pointed out that this market correction reflects a structural change in the industry rather than a single event. He specifically mentioned the large-scale forced liquidation of leveraged positions in October 2025, believing it "wiped out many retail investors and market makers" and exerted ongoing pressure on prices. As more risk-averse institutional investors enter, the industry will gradually transition from high-multiple return expectations to the widespread adoption of global financial services based on blockchain infrastructure.
Regarding regulation, Novogratz revealed recent discussions with Senate Minority Leader Chuck Schumer, with both parties interested in advancing the CLARITY Act. He believes the bill is not only driven by multiple practical needs but also can "revitalize the spirit" of the crypto market, and he is confident that the structural legislation for the crypto market will eventually become law.
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