Novogratz’s words are pretty brutal—Strategy’s leverage game got out of hand, and it leaves the whole market footing the bill.

According to a report from Biejie.com, Galaxy Digital founder and CEO Mike Novogratz said in a podcast that the recent cryptocurrency market decline is driven by a combination of multiple factors, with the main reason being the deterioration of confidence in the capital structure of Strategy (formerly MicroStrategy). He noted, “This is a collapse of confidence triggered by Strategy, and it is evolving into a crisis of confidence in Bitcoin.” He also mentioned that as the broader crypto market remains unpopular, investors grow increasingly skeptical about market structure, and macro factors such as the Federal Reserve’s hawkish stance and a strengthening U.S. dollar come into play, market pressure has been further intensified.