Odaily Planet Daily reports that Galaxy founder and CEO Mike Novogratz posted on the X platform, stating, "Currently, our company has the highest employee stock ownership rate in both the cryptocurrency and data center industries. The crypto market has been quite sluggish recently. I personally believe that after a long bull market, many long-term holders are rebalancing their assets, diversifying some funds away from overly concentrated positions. In the medium to long term, this is a healthy thing, as these positions will gradually be absorbed by a wider range of investors; but in the short term, this adjustment is like a wet blanket, suppressing market prices."

I don't believe we've reached the peak of this cycle. I think by the end of this year we'll have a new Fed chair who might be more dovish (accommodative) than the market expects. Hopefully, this will provide enough narrative momentum for the market to drive the next wave of gains.