February 11 News, Galaxy CEO Mike Novogratz stated at the CNBC Digital Finance Forum in New York that as more low-risk institutional funds enter the market, the era of cryptocurrency relying on high-multiplier speculative gains may be coming to an end, and the industry is evolving toward a more mature financial form.
Mike Novogratz pointed out that retail investors entering the crypto market often seek returns of several times or even dozens of times, while institutional investors prioritize stability and risk control. This shift in participant structure means that the potential for excess returns is being compressed. He reviewed the impact of the FTX collapse in 2022, when Bitcoin dropped about 78% from its high of $69,000, touching a low of $15,700, causing a crisis of confidence in the market.
He also mentioned the leveraged concentration event on October 10, which, in the absence of clear catalysts, intensified capital outflows and selling pressure. “You look around but find it hard to identify the real reason,” he said. For him, the crypto market is essentially a “narrative-driven asset,” and when large amounts of capital exit, confidence and stories both need time to rebuild.
Regarding future directions, Mike Novogratz believes that tokenized real-world assets will become a new growth engine. Compared to high-risk speculation, these assets are closer to traditional financial return models but can leverage blockchain technology to improve efficiency and transparency. He emphasized that ultimately, the market will be dominated by assets closely connected to the real economy.
Chainlink co-founder Sergey Nazarov also expressed a similar view, stating that the overall value of RWA (Real-World Assets) is expected to surpass that of traditional crypto assets and drive a structural transformation in the industry.
Meanwhile, Lightspark co-founder and CEO David Marcus said that the structure of Bitcoin holders is changing, with more new users accessing the financial system through the network. However, he believes that those who have long viewed Bitcoin as a hedge still possess strong risk resistance.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Analysis: Ethereum is currently in a "narrative vacuum," with institutional funding and privacy modes becoming key variables for the future
Ethereum is currently in a "narrative gap period," with the market lacking long-term value logic, and focus shifting to zero-knowledge technology and privacy capabilities. Attracting institutional funds requires protocol-level privacy. Additionally, the expansion of spot ETFs is also changing the price formation mechanism of Ethereum.
GateNewsBot26m ago
HBAR Price Surge Pauses as Hedera’s Partnership with FedEx Strikes a New Milestone
Key Insights:
HBAR’s price surged due to the ongoing crypto rally and a significant partnership with FedEx, a major logistics player.
Despite the recent gains, HBAR faces challenges, including stagnant growth in its DeFi ecosystem and declining ETF demand.
Technical analysis shows that HBA
CryptoFrontNews45m ago
The bear market still needs to last for several more months! CryptoQuant: Bitcoin's "ultimate bottom" is at $55,000
Bitcoin has recently shown weak performance, and many investors are curious about "where the bottom really is." Analytical firm CryptoQuant points out that the "ultimate bottom" of this Bitcoin bear market is around $55,000. However, the market is still several months away from "completing the bottom formation," and it may take repeated testing; it won't be over with just one "panic sell-off" or "capitulation."
Key Indicator 1: The "Realized Price" Support Level Has Not Been Broken
CryptoQuant states that Bitcoin's "Realized Price (the average cost of all Bitcoins last moved on the market)" has almost always served as a long-term price support zone during previous bear markets. Therefore, it is considered an important reference for the "ultimate bottom."
CryptoQuant indicates that Bitcoin is currently about 25% above its realized price. In past bear markets, such as during the FTX collapse,
区块客57m ago
Robert Kiyosaki Draws Attention to His Stock Market Crash Prediction, Crypto Expected to Surge
Robert Kiyosaki draws attention to his stock market crash prediction.
He expects the price of crypto to surge soon.
As a Greater Depression approaches, he encourages accumulating real assets.
The prices of crypto assets are trading at much lower prices as compared to Q4 2025. Despite th
CryptoNewsLand1h ago
Cryptocurrency Market Sentiment Diverges: Wall Street Remains Bullish on Bitcoin, While Non-U.S. Investors Rapidly Withdraw
Global Bitcoin market sentiment is increasingly divided, with Wall Street institutional investors remaining bullish, but funds outside the United States are withdrawing noticeably. The premium on CME futures trading is higher than on Deribit, indicating that American institutions still have a strong risk appetite. Recently, Bitcoin has been affected by concerns over quantum computing technology, but its actual performance has declined in tandem with related companies, reflecting a cooling of market risk appetite for long-term assets.
区块客1h ago
