Galaxy CEO calls crypto entering a new, more ‘mature’ phase

Jakarta, Pintu News – Galaxy Digital CEO Mike Novogratz has declared that the speculative era in the crypto and cryptocurrency market is coming to an end. During a financial forum in New York, he emphasized that the era of quick profits with extreme returns no longer characterizes the industry. According to him, the market structure is now changing with the dominance of institutional investors who are more focused on stability. This shift marks a new, more mature phase in the digital asset ecosystem.

Speculation Replaced by Institutional Investors

Over the years, the crypto market has been driven by retail investors chasing huge profits in a short period of time. Assets like Bitcoin and Ethereum often experienced sharp price spikes that fueled market euphoria. However, Novogratz believes that interest in high-risk investments is starting to decline. Institutional investors are now looking for consistent returns rather than potential 100x returns.

The influx of institutions changed the market dynamics to be more structured and fundamentally based. The focus shifted from short-term speculation to the practical use of blockchain technology. Risk management standards have also become more stringent. This shows that the cryptocurrency industry is entering a more mature phase.

FTX Impact and Large Liquidations

The collapse of FTX in 2022 was an important turning point for the crypto market. Bitcoin price had fallen 78% to around $15,700 or IDR 263.85 million from its peak of $69,000 or IDR 1.15 billion. This event erased the confidence of retail investors and triggered a long bearish cycle. Many market participants exited due to heavy losses.

Read also: 22 Karat Gold Selling Price Today, Thursday, February 12, 2026

In addition, the October 2025 liquidation that wiped out more than $19 billion or around Rp319.31 trillion in 24 hours exposed the high leverage risk. The event depressed prices and accelerated market consolidation. Novogratz sees this phase as a reset towards a healthier market structure. Extreme speculation is slowly being replaced by a more rational approach.

Tokenization of Real Assets is the New Focus

Looking ahead, Novogratz sees the tokenization of real-world assets (RWAs) as a major direction of crypto growth. Assets such as bonds, property, and government bonds are now starting to be tokenized on the blockchain. This model offers stability because it is backed by a clear underlying asset. For institutions, this approach is considered safer than the highly volatile cryptocurrencies.

Tokenization also increases the efficiency and transparency of transactions. Institutions see blockchain as the financial infrastructure of the future, not just a speculation tool. This shift shows crypto evolving towards a more utility-based ecosystem. The transformation marks a major change in the structure of the global market.

Overall, Novogratz thinks the speculative era of crypto is winding down and being replaced by the dominance of institutional investors. The market focus is now on stability, utility, and real, tokenized assets. While volatility remains, the direction of the industry is increasingly integrated with the global financial system. Crypto is no longer just about instant gratification, but about long-term foundations.

Follow us on Google News to stay up to date with the latest in crypto and blockchain technology. Check Bitcoin price, usdt to idr and tokenized nvidia stock price through Pintu Market.

Enjoy an easy and secure crypto trading and crypto gold investment experience by downloading the Pintu crypto app via Play Store or App Store now. Also, experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Why Galaxy CEO Mike Novogratz Signals End of Crypto’s Speculative Era. Accessed February 12, 2026
• Featured Image: CNBC