Galaxy Digital founder and CEO Mike Novogratz said in a podcast that the recent crypto market decline is due to a combination of multiple factors, with deteriorating confidence around Strategy (formerly MicroStrategy)'s capital structure being the main reason. "This is a confidence collapse triggered by Strategy, and it is evolving into a confidence crisis for Bitcoin." He also said that with the overall crypto market out of favor, investors becoming increasingly skeptical of market structure, and macro factors such as the Fed's hawkish stance and a strong dollar, market pressure has further intensified.