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

According to CNBC, Galaxy Digital CEO Mike Novogratz stated at the Digital Finance Forum on Tuesday that the "speculative era" of cryptocurrency 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 the current market adjustment reflects a structural change in the industry rather than being caused by a single event. He specifically mentioned the large-scale liquidation of leveraged positions that occurred in October 2025, believing it "cleared out a significant number of retail investors and market makers" and put ongoing pressure on prices. As more risk-averse institutional investors enter, the industry will gradually shift from high-multiple return expectations to the widespread adoption of global financial services based on blockchain infrastructure.

On the regulatory front, Novogratz revealed that he recently communicated with Senate Minority Leader Chuck Schumer, noting that both parties are keen to push the CLARITY Act through. He believes that the bill is not only driven by multiple practical needs but can also "revitalize the spirit" of the crypto market, and he is confident that the crypto market structure bill will ultimately become law.