Galaxy Digital CEO: The "speculative era" of cryptocurrencies may be coming to an end.

PANews reported on February 11th, citing CNBC, that Galaxy Digital CEO Mike Novogratz stated at a digital finance forum on Tuesday that the "speculative era" of cryptocurrencies may be coming to an end, and the industry will shift towards a development phase characterized by real-world assets and lower returns. Novogratz pointed out that this market correction reflects a structural shift in the industry, rather than being caused by a single event. He specifically mentioned the massive liquidation of leveraged positions in October 2025, believing it "cleared out a large number of retail investors and market makers" and put sustained pressure on prices. As more institutional investors with lower risk appetites enter the market, the industry will gradually shift from expectations of high returns to the widespread adoption of global financial services based on blockchain infrastructure.

Regarding regulation, Novogratz revealed that he recently spoke with Senate Minority Leader Chuck Schumer, and both parties are keen to push for the passage of the CLARITY Act. He believes the bill is not only driven by multiple practical needs but will also "revitalize" the crypto market, and he is confident that the crypto market structure bill will eventually become law.