Galaxy Digital CEO Predicts End of Crypto Speculation Era

ChainCatcher News, according to CNBC, Galaxy Digital CEO Mike Novogratz said at Tuesday's Digital Finance Forum that the "speculative era" of cryptocurrencies may be coming to an end, and the industry will shift in the future to a stage characterized by real-world assets and lower returns. Novogratz pointed out that this market correction reflects a structural transformation of the industry, rather than being caused by a single event. He specifically mentioned the large-scale liquidation of leveraged positions in October 2025, believing that it "cleared out a large number of retail investors and market makers" and continued to put pressure on prices. As more risk-averse institutional investors enter the market, the industry will gradually shift from high-multiple return expectations to the widespread adoption of global financial services based on blockchain infrastructure. In terms of regulation, Novogratz revealed that he recently communicated with Senate Minority Leader Chuck Schumer, and both parties are willing to push for the passage of the "CLARITY Act." He believes that the bill not only addresses multiple practical needs but can also "revitalize" the crypto market, and he is confident that the crypto market structure bill will eventually become law.