Galaxy Digital asset management company CEO Mike Novogratz stated that recently, as companies shift their focus to accumulating altcoins, Bitcoin (BTC) is likely to exhibit a sideways trend, but may see an upward opportunity later this year.
According to Novogratz in an interview on CNBC's "Squawk Box" on Thursday, "Bitcoin (BTC) is currently in a consolidation phase. Part of the reason is that many corporate treasuries are exploring opportunities in other coins."
Blockchain technology company BitMine Immersion Technologies has performed outstandingly among altcoin treasury companies, recently acquiring 200 million Ethereum (ETH), bringing its Ethereum (ETH) reserves to over 9 billion.
Meanwhile, Nasdaq-listed design and manufacturing company Forward Industries announced on Monday that it has secured $1.65 billion in cash and stablecoin commitments, planning to launch a crypto asset treasury strategy centered around Solana (SOL).
According to Novogratz, transactions like these are led by crypto-native companies such as Galaxy Digital, Jump Crypto, and Multicoin Capital, "injecting vitality into the crypto space" and "bringing funding to the crypto sector."
According to CoinGecko data, Bitcoin (BTC) prices have fluctuated between $110,055 and $116,083 over the past seven days.
Novogratz stated that with the U.S. Federal Reserve entering a "rate-cutting cycle," and the crypto industry continuing to see positive developments, such as SEC Chairman Paul Atkins discussing the modernization of securities regulation to aid market on-chain, Bitcoin (BTC) is expected to rise again.
The CEO of Galaxy Digital also pointed out that the Nasdaq stock market operator submitted a rule change application to the SEC on Monday, proposing to allow the issuance of tokenized versions of listed stocks and ETFs.
According to Novogratz, "This blockchain revolution initially was just Bitcoin (BTC) as a store of value and stablecoins as cross-border payment tools."
Novogratz also predicted that despite the "healthy competition" among different crypto companies, it would be difficult to see a dominant player emerge like in the traditional financial world.
He said, "Ethereum (ETH) has its own community, narrative, and use cases. Yes, it will compete with Solana (SOL) and other blockchains, but we won't see a situation of 'one chain dominating all.'"
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Original: “Novogratz: Bitcoin (BTC) is in a consolidation phase, corporate funds are shifting to altcoins”
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