Galaxy Digital CEO: The "Speculative Era" of Cryptocurrency May Be Coming to an End

According to Mars Finance, CNBC reports that Galaxy Digital CEO Mike Novogratz stated at the Digital Finance Forum on Tuesday that the “speculative era” of cryptocurrencies may be coming to an end, and the industry will shift toward a development phase characterized by real-world assets and lower returns. Novogratz pointed out that this market correction reflects a structural change in the industry rather than a single event. He specifically mentioned the large-scale forced liquidation of leveraged positions in October 2025, which he believes “wiped out many retail investors and market makers” and exerted ongoing pressure on prices. As more risk-averse institutional investors enter the market, the industry will gradually transition from high-multiple return expectations to the widespread adoption of global financial services based on blockchain infrastructure. Regarding regulation, Novogratz revealed recent discussions with Senate Minority Leader Chuck Schumer, indicating that both parties are interested in pushing the passage of the CLARITY Act. He believes the bill is not only driven by practical needs but also has the potential to “revitalize the spirit” of the crypto market, and he is confident that the Crypto Market Structure Act will eventually become law.