Mike Novogratz, CEO of Galaxy Digital, predicts that Bitcoin's price will fluctuate between $55,000 and $75,000 in the next month, potentially showing an upward trend towards the end of the current quarter. He described the current state of crypto markets as a "consolidation phase," expecting prices to rise again with the occurrence of significant market events.
Despite the initial high demand for spot Bitcoin ETFs from institutional investors, their inflows have decreased notably in recent months alongside Bitcoin's price decline. Novogratz, however, remains optimistic, citing a growing trend of adoption among traditional financial institutions.
Galaxy Digital, in partnership with Invesco, has its own spot Bitcoin ETF, BTCO, which has seen relatively low inflows since its inception. Novogratz emphasized the gradual process of wealth managers introducing cryptocurrencies to their clients.
Looking ahead, Novogratz highlighted potential catalysts for crypto market price movements, including the Federal Reserve's rate cuts amid economic slowdown or outcomes from the upcoming U.S. presidential election, which could bring regulatory clarity to the crypto landscape.
Galaxy Digital reported a strong performance in the first quarter, with a net income of $421.7 million, driven by record revenue from mining operations and management fees.
May 2024, Cryptoniteuae