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Mike Novogratz announced a transition in the “Humpty Dumpty” era within the cryptocurrency market., 2026/02/11 11:38:10
The CEO of Galaxy Digital, Mike Novogratz, stated that the chaotic price fluctuations of the ‘Shaltai-Boltai’ era are giving way to a more mature market, where the decisions of major players influence cryptocurrency valuations.
According to Novogratz, the period of rapid and erratic growth in cryptocurrencies is nearing its conclusion. An increasing number of cautious institutional investors are entering the market, displacing retail investors who are in search of quick profits.
“Retail traders are not purchasing cryptocurrencies for an 11% annual return. Their focus is on multiplying their capital in a short timeframe,” the businessman explained.
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He recalled the collapse of the FTX exchange in 2022, which triggered a bear market and caused Bitcoin to drop significantly from $69,000 to $15,700. At that time, Novogratz noted, there was a genuine “erosion of trust” within the industry.
The investor highlighted a spike in leverage on October 10, describing it as a significant event that “destroyed many retail traders and market makers,” along with an increase in selling pressure, even in the absence of a clear major catalyst.
Some traders and investors will continue to speculate, but this will occur through the same channels that already provide banking and financial services globally.
Nevertheless, the industry is gradually shifting from high-yield speculation to more practical solutions, such as the tokenization of real assets, which offers lower yet more stable returns, Novogratz concluded.
Earlier, the head of market maker DWF Labs and Falcon Finance platform, Andrey Grachev, stated that the crypto market is likely to reach its bottom soon, with fluctuations expected to remain within 15% of the current Bitcoin price.
