Galaxy CEO Mike Novogratz: Crypto’s Speculative Era Is Ending
Galaxy CEO Mike Novogratz warned that crypto’s speculative era is ending, a view underscored by a sharp market pullback: Bitcoin has fallen over 21% year-to-date and trades roughly 50% below its October peak as of Feb. 10, 2026. Novogratz framed the decline as part of a broader reset after an intense rally, suggesting that headline-driven speculation is giving way to a phase where fundamentals and real adoption matter more. If correct, the shift matters for traders and long-term investors alike. Reduced speculation could mean lower short-term volatility but also a tougher environment for assets lacking clear on-chain utility or institutional engagement. For market participants this likely signals a period of selective interest—capital may concentrate around projects with measurable use cases, while leveraged and momentum-driven positions face heightened downside risk.