An interesting situation is developing in the crypto markets. Mike Novogratz from Galaxy Digital recently shared, in an interview with Bloomberg, his thoughts on where the bottom for Bitcoin might be. According to him, there has been a withdrawal of borrowed funds from the system, and pessimism among crypto investors is running wild. But here’s what’s strange—gold is hitting record highs, interest rates are falling, the Trump administration is clearly pro-crypto, and Bitcoin is behaving nothing like what is expected.

Michael Novogratz believes that Bitcoin should be trading in a range of 70,000–100,000 dollars, but at the time of his comments the asset had already fallen below that level, reaching about 66.7 thousand. Ethereum also didn’t differ much—it fell below two thousand for the first time in months. Solana has returned to late-2023 prices. The fear index was showing extreme readings—just 11 out of 100.

But John Diton, a pro-crypto candidate for the Senate, proposed an interesting version. He agrees with Mike Novogratcz that the math doesn’t add up, but he sees a trace of the banking system in it. In his view, the same price-suppression scenario through futures positions that was once used for silver is being applied to Bitcoin. Allegedly, traditional financial players use paper contracts to slow down the crypto narrative and legislation.

Michael Burry, the legendary investor, is even more pessimistic. He talks about a deadly spiral with no way out. In his logic, the current crash could lead to a sell-off of gold and silver, the bankruptcy of miners, and all of this will create a cascade of falling prices. Burry doesn’t believe Bitcoin has a bottom, because, in his opinion, the narrative of digital gold has already collapsed, leaving only speculation.

The market has now recovered a bit—Bitcoin is trading at about 74.25 thousand dollars with a slight daily drop. Ethereum is at 2.33 thousand, Solana at about 83 dollars. But tension within the community remains high. It’s interesting to see whose version will end up closer to reality—Mike Novogratz’s optimism, Diton’s conspiratorial take, or Burry’s pessimism.