Novogratz Says Bitcoin Is Consolidating While Treasury Firms Shift Attention to Altcoins
Bitcoin has entered a consolidation phase, trading in a relatively tight range. Galaxy Digital’s Mike Novogratz suggests this is due to institutions and treasury companies stacking altcoins.
Notable move: BitMine Immersion Technologies bought ~$200 million worth of Ether (ETH), growing its ETH holdings to over $9 billion.
Forward Industries (a Nasdaq-listed firm) secured $1.65 billion in cash + stablecoin commitments for a Solana (SOL)-focused crypto treasury strategy.
Novogratz points to upcoming tailwinds:
• Expected interest rate cuts from the U.S. Federal Reserve
• Regulatory reforms to modernize securities / digital asset rules, especially enabling tokenized ETFs / stocks.
Price action: BTC has been drifting between roughly $110,055 and $116,083 in recent days.
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