Galaxy Digital CEO sees consolidation phase as firms build positions in Ether and Solana
Bitcoin has entered a consolidation phase, with prices moving sideways as corporate treasuries increasingly turn their focus to altcoins. According to Galaxy Digital CEO Mike Novogratz, the leading cryptocurrency may be quiet for now, but another surge could arrive by year’s end.
Corporate treasuries diversify into altcoins
“Bitcoin’s at a consolidation right now. Partly because you’re seeing a lot of these treasury companies in other coins take their shot,” Novogratz said during an interview on CNBC’s Squawk Box.
Blockchain technology company BitMine Immersion Technologies recently purchased $200 million in Ether, expanding its holdings to more than $9 billion. Meanwhile, Nasdaq-listed Forward Industries announced $1.65 billion in cash and stablecoin commitments to support a Solana-focused crypto treasury strategy.
Novogratz argued these moves are “bringing money and energy into the crypto space,” even if Bitcoin is temporarily overshadowed.
Regulatory and macro catalysts ahead
Bitcoin has traded in a narrow band between $110,055 and $116,083 over the past week, data shows. While the price action remains muted, Novogratz believes a shift in U.S. monetary policy could act as a spark.
“I think probably we have another big surge up towards the end of the year,” he noted, citing the Federal Reserve’s expected interest rate cutting cycle as a potential trigger.
He also highlighted recent regulatory reform efforts, including comments from SEC Chair Paul Atkins on modernizing securities rules and Nasdaq’s filing to list tokenized stocks and ETFs.
Moving from narrative to adoption
Novogratz stressed that the crypto market is evolving from hype-driven stories to real-world applications. “This blockchain revolution had really just been Bitcoin as a store of value and stablecoins for cross-border payments. Now we have both faster blockchains and a regulatory framework that allows people to experiment,” he said.
While competition among ecosystems like Ethereum and Solana remains strong, Novogratz expects capital inflows to accelerate as institutional adoption deepens. “Money is going to move into the space, as we start moving from narrative to plot,” he concluded.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
