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Tag: galaxy digital

  • Investment Firm CEO Drops Utility Bomb On XRP, Is Community Hype A Detriment?

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    Comments from Galaxy Digital’s leadership have looked into what ultimately sustains value in the crypto market. In a recent YouTube discussion centered on 2026 expectations for Bitcoin, crypto, and artificial intelligence, Galaxy Digital CEO Mike Novogratz and Head of Research Alex Thorn singled out XRP and Cardano, questioning whether even the strongest communities can survive if real usage fails to expand when users have a vast number of alternatives to choose from.

    Galaxy Digital Leadership Raises Questions About Community Versus Utility

    During the YouTube discussion, Mike Novogratz presented the utility debate through the lens of capital allocation. He explained that the real question is what an investor chooses when presented with many viable options. If capital can flow into something like SpaceX, then crypto assets must compete on similar grounds.

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    He acknowledged that XRP and Cardano both have deeply committed communities, but questioned whether that loyalty can be sustained if users do not see any real utility with those ecosystems. “Can Ripple hold it together? Can Cardano hold it together?” Novogratz said.

    In drawing comparisons, Novogratz referenced Charles Hoskinson, noting his success in maintaining Cardano’s community over time despite it being a “blockchain that people don’t really use a lot.” He made similar observations about XRP’s following, which has a strong community. However, he posed a direct question about sustainability: “Can you keep it together when there are more and more options?”

    Recent crypto market dynamics have caused capital flows to become more selective. Developers and teams behind blockchain ecosystems all know this, and this is why there has been a race to demonstrate usage, revenue models, or clear value flows tied directly to their tokens. According to Novogratz, that doesn’t happen overnight. It’s probably a year-long process, not a one to three-month process.

    Cardano And XRP Proving Real-World Relevance

    The questions raised during the Galaxy Digital discussion arrive at a time when both Cardano and XRP are actively trying to strengthen their utility narratives. Recent events have seen Cardano attempting to reinforce its practical relevance through initiatives like the Midnight sidechain. Midnight is a privacy-focused Cardano sidechain network designed to support confidential smart contracts and selective data disclosure. 

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    Midnight is intended as a way to attract enterprise and institutional use cases that require compliance-friendly privacy, an area where public blockchains have traditionally struggled.

    XRP, on the other hand, is taking a different path through Ripple’s hard work to increase the utility of the XRP Ledger. Ripple has been expanding utility around Ripple USD (RLUSD), its US dollar-backed stablecoin, including broader deployment across multiple Layer-2 networks. 

    Ripple has also been on a partnership spree this year in moves to strengthen the utility of the XRP ecosystem, with about $4 billion spent on major acquisitions in 2025. The company also recently partnered with Doppler Finance to explore collaboration in XRP-based yield infrastructure and real-world asset (RWA) tokenization on the XRP Ledger, which is another added utility.

    XRP trading at $1.87 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Pxfuel, chart from Tradingview.com

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    Scott Matherson

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  • Galaxy’s Digital Bitcoin Sales Continue: 1,190 Bitcoin Moves To Binance

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    Bitcoin has reclaimed the $115,000 level, restoring momentum after weeks of uncertainty and signaling that bulls are regaining strength. The move comes as traders push back against selling pressure, with renewed optimism spreading across the market. For many, the rebound highlights Bitcoin’s resilience and its ability to bounce after testing key support levels.

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    Yet, not everyone feels convinced. Several analysts warn that despite the recent upside, Bitcoin may still face the risk of a deeper correction. The recovery looks promising, but the broader structure remains fragile, and cautious voices continue to dominate discussions. A failure to hold above $115,000 could once again expose the market to volatility and downside pressure.

    Adding another layer of concern, key data shows that Galaxy Digital’s Bitcoin sales remain ongoing. These sales, taking place even as Bitcoin rises, highlight the complex dynamics at play and temper the optimism around the recent rally.

    Galaxy Sales Weigh On Bitcoin

    Top analyst Darkfost shared fresh data that revealed a significant move in Bitcoin markets yesterday. According to him, 1,190 BTC were sent mainly to Binance, most likely to be sold. At current prices, that transaction represents more than $135 million worth of Bitcoin, underscoring that large-scale institutional selling continues even as bulls fight to sustain momentum above $115,000.

    Galaxy Digital Address Outflow | Source: Darkfost

    Such transfers often signal that sellers, in this case Galaxy Digital, are actively reducing exposure, which can pressure the market during sensitive periods. While Bitcoin has managed to rebound from its recent lows near $108,000, these heavy sales create an overhang of supply that traders must absorb before a convincing uptrend can take hold. The timing adds even more weight, as Bitcoin enters a new stage marked by macro uncertainty.

    The looming US government shutdown now stands as one of the biggest risk factors for global markets. Political deadlock in Washington threatens to disrupt financial stability and could trigger volatility across equities, bonds, and digital assets. For Bitcoin, this situation creates both risk and opportunity: on one hand, fear-driven selling could drag prices lower; on the other, Bitcoin’s role as a hedge may attract inflows from investors seeking protection.

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    BTC Approaches Resistance After Strong Rebound

    Bitcoin is trading near $116,200 after a sharp rebound from last week’s lows around $109,000. The 8-hour chart highlights renewed bullish momentum, with price now pressing toward the key resistance zone at $117,500. This level has repeatedly capped rallies since late August, making it the line to watch for confirmation of a broader breakout.

    BTC nearing key resistance | Source: BTCUSDT chart on TradingView
    BTC nearing key resistance | Source: BTCUSDT chart on TradingView

    The recent move higher also pushed BTC back above its 50-period (blue) and 100-period (green) moving averages, both of which had previously acted as resistance. The price is now consolidating above these levels, showing that bulls are regaining short-term control. However, the 200-period moving average (red) sits just overhead near $115,000, and Bitcoin has only just cleared it — leaving the breakout unconfirmed.

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    Momentum remains constructive, but the market still faces a pivotal test. A decisive close above $117,500 could invite stronger buying pressure, opening the door for a run toward $120,000 and potentially retesting the yearly highs near $125,000. Conversely, rejection at this level could trigger profit-taking, dragging the price back toward $114,000 or even $112,000.

    Featured image from Dall-E, chart from TradingView

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    Sebastian Villafuerte

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  • Solana Eyes Massive Breakout Amid $240 Retest, But Analyst Issues Crucial Market Warning

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    Solana (SOL) could be near the long-awaited price discovery phase after climbing to a seven-month high. However, an analyst suggested investors remain cautious, as the market rally is “closer to the end than the beginning.”

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    Solana Eyes Last Major Resistance

    On Friday, Solana reached a seven-month high of $241.84 after breaking out of its consolidation range earlier in the week. The cryptocurrency had been trading within the $120-$220 price range since the start of February, failing to reclaim the range’s high during the recent short-term recoveries.

    The ongoing rally has sent the cryptocurrency past multiple crucial barriers, “getting close to the final resistance,” analyst Crypto Jelle stated. He highlighted that SOL has been “quietly pushing higher, without anyone paying attention,” climbing 20% since Sunday.

    Now that the altcoin is attempting to reclaim the $240 area as support, the analyst pointed out that Solana has “one last hurdle to overcome” before price discovery.  According to the post, if SOL reclaims the $250 level, “the sky is the limit,” as this area has been a crucial macro resistance level over the past two years.

    To the analyst, turning this level into support could set the base for a rally to $600. Similarly, analyst Ali Martinez suggested that SOL’s main target sits at around the $1,314.41 level after the altcoin broke out of a massive three-year cup and handle pattern.

    Nonetheless, Altcoin Sherpa issued a warning to investors on X, stating that “Now is NOT the time to ape in gigantic.” He asserted that despite thinking that Solana, Ethereum (ETH), and BNB “generally go higher from here, (…) the bulk of the move is done for these.”

    The analyst explained that he will remain bullish “until shown otherwise,” and expects a great performance in the coming months, but noted that the bull run is “closer to the end than the beginning.”

    “We are lucky that the marginal buyers are Tradfi with these DATs but with Saylor not buying as much, hard to tell where the next set of flows come from,” he stated.

    ‘SOL Season’ Momentum Grows

    Bitwise’s CIO Matt Hougan recently forecasted a bullish Q4 rally for Solana, affirming that the cryptocurrency has “all the ingredients (…) for an epic end-of-year run.” He suggested that it could start a “Solana Season” fueled by exchange-traded funds (ETFs) and strong corporate treasury purchases.

    Notably, multiple spot Solana ETFs are awaiting the approval of the US Securities and Exchange Commission (SEC) after the regulatory agency delayed the decision deadline last month. As a result, issuers and investors are expecting a positive outcome around the first half of October.

    Additionally, the recently launched Solana Treasury company, Forward Industries Inc., announced it had successfully closed its private investment in public equity (PIPE) financing on September 11, securing gross proceeds of approximately $1.65 billion for the Company.

    As reported by NewsBTC, Galaxy Digital, Jump Crypto, and Multicoin Capital announced their plan to establish the SOL treasury company to purchase the cryptocurrency, stake it, and generate excess returns.

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    “Forward Industries intends to use the net proceeds from the offering primarily to purchase SOL, the native digital asset of the Solana blockchain,” the company reaffirmed in its Thursday statement.

    As of this writing, SOL is trading at $239.86, a 6.1% increase in the daily timeframe.

    Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Where Are We In This Bitcoin Cycle? Galaxy Lead Expert Answers

    Where Are We In This Bitcoin Cycle? Galaxy Lead Expert Answers

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    In a comprehensive analysis shared via X (formerly Twitter), Alex Thorn, the Head of Firmwide Research at Galaxy, delved into the intricacies of the current Bitcoin market cycle, answering the question “Where Are We In This Bitcoin Cycle?” As Bitcoin trades robustly around $62,000, with a notable spike to $64.000 yesterday, the crypto landscape is witnessing unprecedented dynamics, marked by a surge in ETF inflows, strategic acquisitions by corporate entities, and a palpable shift in investor sentiment towards digital assets.

    Thorn emphasized how different this cycle is:

    Effectively, the bull runs of 2017 and 2020 hadn’t yet begun at this stage in Bitcoin’s supply schedule.

    52 days before 2nd Halving (9-JUL-16) BTCUSD $455.22 (-59.86% from ATH)
    52 days before 3rd Halving (11-MAY-20) BTCUSD $6,174 (-68.56% from ATH)
    52 days before 4th Halving (20-APR-24) BTCUSD $59,330 (-12.16% from ATH)

    Why This Bitcoin Cycle Is Different

    Central to his analysis is the record-breaking influx of capital into spot Bitcoin ETFs, with Thorn highlighting, “The BTC ETFs took in a whopping net $576m of BTC yesterday (Tuesday Feb. 27), with BlackRock alone seeing $520m of inflows, its largest ever day.” This significant movement of funds not only underscores the growing institutional interest in Bitcoin but also marks a pivotal moment in the cryptocurrency’s journey towards mainstream financial recognition.

    A key aspect of Thorn’s analysis is the unwavering strength of Bitcoin’s long-term holder base, which he estimates to hold about 75% of the total BTC supply. “Long-term holders are still mostly holding strong,” Thorn notes, emphasizing the community’s resilience and faith in Bitcoin’s long-term value proposition. This demographic, characterized by their ‘diamond hands’, plays a crucial role in stabilizing the market and buffering against the volatility that often defines the crypto space.

    Bitcoin: % of supply held by HODLers | Source: X @intangiblecoins

    Thorn further elaborates on the analytical tools and metrics that provide insight into Bitcoin’s market behavior. He introduces the MVRV Z-Score, a novel approach to understanding the cyclicality of Bitcoin’s price action by comparing its market value to its realized value. This metric offers a window into the perceived overvaluation or undervaluation of Bitcoin at any given point. Currently, the MVRV Z-Score is close to 2, while previous cycle tops saw the metric spike to 8 (in 2021) or even above 12 (in prior halving cycles).

    Bitcoin MVRV Z-Score
    Bitcoin MVRV Z-Score | Source: X @intangiblecoins

    Addressing the speculation around the acceleration of the Bitcoin cycle, Thorn firmly dispels concerns that the market is prematurely peaking. He argues against the notion that we are “speedrunning the ‘cycle’”, instead asserting that the advent of Bitcoin ETFs in the United States represents a transformative shift with far-reaching implications. “This time is different,” Thorn asserts, pointing to the ETFs’ disruption of traditional Bitcoin price cycles and their impact on investor behavior and intra-crypto dynamics.

    The Spot Bitcoin ETF Effect

    Thorn underscored the transformative impact of Bitcoin ETFs, positing that we are merely at the beginning of a significant shift in how Bitcoin is accessed and invested in, particularly by the institutional sector. “Despite incredible volumes and flows, there’s plenty of reason to believe that the Bitcoin ETF story is still just getting started,” he stated, pointing to the untapped potential within the wealth management sector.

    In their October 2023 report titled “Sizing the Market for the Bitcoin ETF,” Galaxy laid out a compelling case for the future growth of Bitcoin ETFs. The report highlights that wealth managers and financial advisors represent the primary net new accessible market for these vehicles, offering a previously unavailable avenue for allocating client capital to BTC exposure.

    The magnitude of this untapped market is substantial. According to Galaxy’s research, there is approximately $40 trillion of assets under management (AUM) across banks and broker/dealers that has yet to activate access to spot BTC ETFs. This includes $27.1 trillion managed by broker-dealers, $11.9 trillion by banks, and $9.3 trillion by registered investment advisors, cumulating to a total US Wealth Management AUM of $48.3 trillion as of October 2023. This data underscores the vast potential for Bitcoin ETFs to penetrate deeper into the financial ecosystem, catalyzing a new wave of investment flows into Bitcoin.

    Thorn further speculated on the upcoming April round of post-ETF-launch 13F filings, suggesting that these filings might reveal significant Bitcoin allocations by some of the largest names in the investment world. “In April, we will also get the first round of post-ETF-launch 13F filings, and (I’m just guessing here…) we are likely to see some huge names have allocated to Bitcoin,” Thorn anticipated. This development, he argues, could create a feedback loop where new platforms and investments drive higher prices, which in turn attracts more investment.

    The implications of this feedback loop are profound. As more wealth management platforms begin to offer access to Bitcoin ETFs, the influx of new capital could significantly impact BTC’s price dynamics, liquidity, and overall market structure. This transition represents a key moment in the maturation of Bitcoin as an asset class, moving from a speculative investment to a staple in diversified portfolios managed by financial advisors and wealth managers.

    We Are Still Early

    Thorn’s optimism extends beyond the immediate market indicators to the broader implications of Bitcoin’s integration into the financial mainstream. He anticipates a new all-time high for Bitcoin in the near term, fueled by a combination of factors including the ETFs’ momentum, increasing acceptance of BTC as a legitimate asset class, and the anticipatory buzz surrounding the upcoming halving event. “All this is to say, my answer to that burning question – where are we in the cycle? – is that we haven’t even begun to reach the heights this is likely to go,” he concludes.

    Thorn’s analysis culminates in a bullish forecast for Bitcoin. As the community stands on the cusp of the fourth BTC halving, Thorn’s insights offer a compelling vision of a market poised for unprecedented growth, driven by a confluence of technological innovation, regulatory evolution, and shifting global economic currents. “Bitcoin is prime time now, and while it might be hard to believe, things are just starting to get exciting,” Thorn declares, capturing the essence of a market at the threshold of a new era.

    At press time, BTC traded at $62,065.

    Bitcoin price
    BTC price, 1-week chart | Source: BTCUSD on TradingView.com

    Featured image created with DALL·E, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Galaxy CEO predicts no changes in crypto regulations until the 2024 election

    Galaxy CEO predicts no changes in crypto regulations until the 2024 election

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    Galaxy Digital’s CEO foresees a delay in U.S. crypto regulation until post-2024 elections amid the firm’s report of increased Q3 losses.

    Galaxy Digital Holdings CEO Michael Novogratz voiced skepticism regarding the advancement of cryptocurrency regulations in the U.S. prior to the upcoming 2024 presidential elections. His comments came amid market speculation surrounding the imminent approval of the first U.S.-based Bitcoin exchange-traded fund (ETF) by the SEC.

    During the company’s earnings call for the third quarter, Novogratz remarked that any new regulatory decisions are unlikely with the election on the horizon, but post-election could see a significant drive in progress, given the cadre of knowledgeable individuals in Washington. 

    Novogratz further opined that a pivot in the Federal Reserve’s interest rate policy might occur in the upcoming year, potentially in the first quarter. This shift, coupled with the expected regulatory clarity, could catalyze the crypto sector’s expansion over the subsequent 18-month span. Analysts from Bloomberg Intelligence suggest the SEC may greenlight a spot Bitcoin ETF by Jan. 10, although there is speculation the approval could occur even earlier.

    Galaxy’s financial performance and prospects

    Galaxy’s financial disclosures revealed a significant third-quarter net loss of $94 million, escalating from the prior year’s $68 million. The increase in losses was attributed to the downturn in token valuations and an unprecedented dip in market volatility. The firm had anticipated the losses to plateau, following a $46 million loss in Q2, with forecasts predicting a steady $44 million loss for Q3.

    Despite a 70% surge in trading volumes, Galaxy’s trading revenue dipped to $14 million in the quarter, a $6 million fall from Q2 figures. The company’s lending ventures, however, experienced growth, with the average loan book size inflating to $553 million.

    October painted a brighter financial picture for Galaxy, with a remarkable $124 million in pretax income and $24 million in trading revenue. This uptick was largely due to strategic market positioning and a resurgence in cryptocurrency prices, highlighted by Bitcoin’s impressive 35% price increase within the month.


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    Mohammad Shahidullah

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  • Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC

    Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC

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    In a recent development, another proposed Spot Bitcoin ETF has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website, becoming the second proposed Spot Bitcoin ETF to appear on the corporation’s website. 

    BTCO Joins IBTC On DTCC Website

    The Invesco Galaxy Bitcoin ETF under the ticker ‘BTCO’ recently appeared on the DTCC website, joining BlackRock’s spot Bitcoin ETF, which goes under the ticker ‘IBTC’ as uncertainty around a possible approval of these funds continues to heighten. 

    Source: DTCC website

    Many had speculated an approval was imminent when BlackRock’s IBTC was earlier listed. However, the optimism has sort of cooled off following a recent revelation by a spokesperson for the financial services company. The representative clarified that the listing of these ETFs was simply “Standard Practice” and that it doesn’t indicate any potential approval by the SEC. 

    An ETF expert had also weighed in and stated that DTCC’s listing didn’t mean anything in the grand scheme of things regarding a possible approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Going by this, the DTCC listing only suggests that these asset managers are preparing just in case they get approved by the SEC. 

    Such preparations also include asset managers BlackRock and VanEck recently revealing their plans to begin seeding for their respective funds. While such a move doesn’t guarantee that the SEC is likely to approve these funds anytime soon, it, however, shows the optimism of these firms that their Spot Bitcoin ETF will launch sooner or later. 

    Valkyrie Joins The Spot Bitcoin ETF Amendment Train

    In a post shared on his X (formerly Twitter) platform, Bloomberg analyst James Seyffart noted that the asset management firm Valkyrie had joined the “prospectus amendment train” with the latest filing of their revised Spot Bitcoin ETF prospectus. Valkyrie joins the likes of ARK Invest, BlackRock, Fidelity, and Bitwise, who have also filed amendments to their prospectus. 

    Seyffart happens to be one of those who believe that these amendments could mean something. ARK Invest was the first asset manager to amend its prospectus, which led Seyffart and fellow Bloomberg analyst Eric Balchunas to predict that the US Securities and Exchange Commission (SEC) could approve a fund as early as next year.

    Meanwhile, it is worth mentioning that the SEC has so far not said anything regarding Grayscale’s application despite the Commission opting not to file an appeal. But that could change soon as ETF enthusiast and prominent financial lawyer Scott Johnsson said that the Commission is set to have a closed meeting on November 2; its first since the Grayscale deadline expired, and one of the agenda for the meeting includes resolving litigation claims. 

    Bitcoin price chart from Tradingview.com (Spot Bitcoin ETF)

    BTC price hovering above $34,400 | Source: BTCUSD on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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    Scott Matherson

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  • Galaxy Digital Just Opened A Massive Long On Bitcoin And Ethereum

    Galaxy Digital Just Opened A Massive Long On Bitcoin And Ethereum

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    Galaxy Digital seems to be bullish on Bitcoin and Ethereum, as revealed by the latest data. The blockchain company recently invested heavily in Bitcoin and Ethereum positions amidst the ongoing increase in price. 

    While quoting data from DeFi portfolio tracker DeBank, Lookonchain showed that Galaxy Digital deposited 4,168 WBTC (worth $142 million) and 16,000 ETH (worth $28.6 million) into Aave and Compound. 

    Galaxy Digital Makes Huge Deposits Into DeFi Protocols

    Galaxy Digital has always been a Bitcoin supporter. Now, the company has made its move on the long-term future of Bitcoin and Ethereum.

    Specifically, the company deposited Wrapped Bitcoin and Ethereum worth a total of $170 million into decentralized protocols Aave and Compound as collateral to borrow $71.6 million in stablecoin USDT and $21.9 million in stablecoin USDC.

    The level of interest in DeFi protocols for the purpose of investing in cryptocurrencies is a shadow of what it was in 2021, during the peak of the DeFi boom. For instance, data from DeFi aggregator DeFiLlama puts the current total value locked (TVL) of the Aave protocol at $5.432 billion. 

    Bitcoin (BTC) is currently trading at $34.169. Chart: TradingView.com

    This represents a 72% fall from its highest point of $19.442 billion in October 2021. However, Galaxy Digital’s DeFi route to going long on Bitcoin and Ethereum signals what might be the return of belief in DeFi protocols.

    Why Galaxy Digital Is Going Long On Bitcoin And Ethereum

    Galaxy Digital has projected an upcoming Bitcoin bull run in one of its recent reports. According to the company, spot Bitcoin ETFs are a better way for conventional investors to enter into the crypto industry than current market products.

    These ETFs could attract billions into Bitcoin, reaching over $14.4 billion in inflows in the first year of their approval. With its recent investment move, Galaxy Digital is in a prime position to benefit from inflows into Bitcoin. 

    Mike Novogratz, the company’s CEO, also strongly believes that a Bitcoin bull run is around the corner. Even before spot Bitcoin EFT applications were made by BlackRock and other investment companies, Novogratz pointed toward the rising adoption from Asia as a potential catalyst for a Bitcoin bull run.

    At the time of writing, Bitcoin is trading at $34,194 and is looking to take a strong footing over $35,000. Ethereum has had a lesser price spike than Bitcoin in the past week and is currently trading at $1,786.

    On the other hand, both AAVE and COMP reacted to Galaxy Digital going long on Bitcoin and Ethereum on the DeFi protocols. These tokens are also up by 7.78% and 9.50%, respectively in a 7-day timeframe.

    Featured image from Shutterstock

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    Scott Matherson

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