Quick breakdown
- Bitcoin sideways: Trading between $110K–$116K as corporate treasuries pivot to altcoins.
- Altcoins rising: Firms like BitMine and Forward Industries expand into Ether and Solana treasuries.
- Upswing ahead: Novogratz predicts a late-year Bitcoin surge driven by Fed cuts and regulatory advances.
Bitcoin in consolidation phase
Bitcoin is currently trading sideways as corporate treasuries increasingly allocate funds to altcoins, according to Galaxy Digital CEO Mike Novogratz. Speaking on CNBC’s Squawk Box on Thursday, Novogratz said the shift has temporarily kept Bitcoin in a holding pattern.
“Bitcoin’s at a consolidation right now. Partly because you’re seeing a lot of these treasury companies in other coins take their shot,”
he noted.
Bitcoin has traded between $110,055 and $116,083 over the past week, data from CoinGecko shows.
Altcoins take the spotlight
The trend has been fueled by large-scale corporate moves into Ether and Solana. BitMine Immersion Technologies, a blockchain infrastructure firm, recently acquired $200 million in Ether, expanding its holdings to over $9 billion.
Meanwhile, Forward Industries, a Nasdaq-listed company, revealed it has secured $1.65 billion in cash and stablecoin commitments to launch a Solana-focused treasury. The effort is being spearheaded by crypto-native players, including Galaxy Digital, Jump Crypto, and Multicoin Capital.
Year-end Bitcoin surge possible
Despite Bitcoin’s muted price action, Novogratz believes an upswing could arrive later this year. He pointed to two potential catalysts: the U.S. Federal Reserve entering a rate-cutting cycle, and regulatory progress, including SEC Chair Paul Atkins’ comments on modernizing securities rules and Nasdaq’s proposal to list tokenized stocks and ETFs.
“This blockchain revolution had really just been Bitcoin as a store of value. And then stablecoins as cross-border payments,”
he added.
Competition without a monopoly
Looking ahead, Novogratz dismissed the idea of a single dominant blockchain, highlighting the diversity of use cases and communities around Ethereum, Solana, and others.
“Ethereum has its own community and and its own narrative and its own use case. Yes, it will compete against Solana and other blockchains, but it’s not like we’re going to have one blockchain to rule them all,,”
he said.
For Novogratz, the shift signals that crypto is maturing: “But most importantly for the space, money is going to move into the space, as we start moving from narrative to plot.”
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