“Galaxy Digital’s strategic decision to go long on Bitcoin and Ethereum showcases their unwavering belief in the future of digital assets, signaling a bullish trend that could reshape the financial landscape.”
Mike Novogratz’s crypto investment firm, Galaxy Digital, has made several bullish statements on cryptocurrencies recently. They believe that the U.S. SEC will approve a spot Bitcoin ETF this year. Additionally, Galaxy Digital has gone long on Bitcoin and Ethereum on decentralized lending platforms Aave and Compound.
According to Lookonchain, Galaxy Digital has deposited a significant amount of WBTC and ETH into Aave and Compound. They have also borrowed USDT and USDC from these platforms. This move by Galaxy Digital is seen as bullish for the DeFi industry, resulting in a jump in AAVE and COMP prices.
Novogratz is confident that the discussions between Bitcoin ETF issuers and the U.S. SEC will lead to the approval of a spot Bitcoin ETF in 2023. This development has the potential to attract billions of dollars in inflows and significantly increase the price of BTC.
Matrixport’s research also suggests a positive outlook for Bitcoin, with predictions of a price of $45k in 2023 and $125K by December 2024. Ethereum has also seen a slight increase in price recently.
Overall, Galaxy Digital’s actions and Novogratz’s optimism indicate a positive future for the crypto market, particularly for Bitcoin and Ethereum. Investors and traders should conduct their own research before making any investment decisions.