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Bitcoin's sharp 21% drop in 2026, hitting $60K lows not seen in 16 months, signals a massive shift in crypto markets. Galaxy Digital CEO Mike Novogratz shared this view at the CNBC Digital Finance Forum, calling it the end of retail-driven hype trading.
Why This Dip Feels Different
Unlike the 2022 FTX crash that shattered trust, there's no single "smoking gun" this time. Novogratz points to October 2025's $19.37B wipeout in leveraged positions, which crushed retail traders and market makers. Crypto thrives on narratives that draw in speculators chasing 10x-30x gains, but those players are now sidelined.
Shift to Institutional Plays
The "age of speculation" is fading as institutions with lower risk appetites enter. Expect crypto infrastructure to power real-world assets (RWAs), tokenized stocks, and global banking services – but with modest returns like 11% annually, not moonshots. This maturation could stabilize prices long-term.
Bullish on Regulation Ahead
Novogratz is optimistic about the CLARITY Act passing soon, with bipartisan support to rebuild market confidence. Even Senator Chuck Schumer reportedly said, "We're going to pass the goddamn CLARITY Act."
Traders on Binance, this pivot from retail frenzy to institutional utility could redefine your strategies – less volatility, more real yields. What's your take on RWAs in 2026? $BTC #CryptoMarkets #MikeNovogratz #GalaxyDigital #RWA

Shares of Galaxy Digital (GLXY) jumped 18% to $19.90 in the latest trading session after the company announced the approval of a share repurchase program of up to $200 million, to be executed over the next 12 months.
According to the official disclosure, Galaxy Digital may repurchase its shares through open market transactions, privately negotiated deals, or pre-arranged trading plans under Rule 10b5-1. The company also retains full discretion to pause, modify, or terminate the buyback program at any time, depending on market conditions and internal capital requirements.
A Strong Signal of Confidence From Management
The announcement is widely viewed as a strong signal from Galaxy Digital’s leadership that the company believes its stock is undervalued at current levels. Share buyback programs are often interpreted as a vote of confidence in a company’s long-term prospects, particularly when management chooses to return capital to shareholders rather than preserve excess cash.
By reducing the number of shares outstanding, buybacks can help support share prices, improve earnings per share metrics, and reinforce investor confidence—especially during periods of heightened market volatility and uncertainty.
Financial Headwinds, But Solid Liquidity Remains
The move comes after Galaxy Digital reported a net loss of $482 million in the fourth quarter, which had weighed on the stock in recent weeks. The loss reflected challenging market conditions, valuation adjustments, and ongoing volatility across digital asset markets.
Despite the short-term pressure, Galaxy emphasized that its full-year adjusted gross profit reached $426 million, demonstrating the underlying strength of its core businesses. More importantly, the company ended the year with approximately $2.6 billion in cash and stablecoins, underscoring its strong liquidity position and resilient balance sheet.
Strategic Flexibility in a Volatile Market
CEO Mike Novogratz highlighted that Galaxy’s solid financial foundation allows the firm to remain flexible—continuing to invest in long-term growth initiatives while also returning capital to shareholders when market pricing does not accurately reflect the company’s intrinsic value.
This dual approach positions Galaxy to navigate ongoing market volatility while maintaining strategic optionality as digital asset markets evolve.
Broader Market Context
Galaxy Digital’s rally stands out amid broader uncertainty across both traditional equity markets and the crypto sector. The sharp price reaction suggests that investors are increasingly rewarding companies with strong balance sheets, disciplined capital management, and clear signals of confidence from leadership.
While near-term risks remain, the buyback announcement has shifted market sentiment toward a more constructive outlook for Galaxy’s equity.
📌 Disclaimer:
This article is for informational purposes only and represents a personal market commentary. It does not constitute financial or investment advice. Investors should conduct their own independent research before making any investment decisions. The author assumes no responsibility for any financial outcomes resulting from actions taken based on this content.
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Mike Novogratz, CEO of Galaxy Digital, has addressed growing concerns that quantum computing could compromise Bitcoin’s security. Speaking during a recent earnings call, Novogratz emphasized that while quantum computing is a significant long-term development, it poses no immediate threat to Bitcoin’s cryptographic foundations. The Bitcoin community is expected to implement quantum-resistant upgrades long before such a risk materializes.
Quantum Fear vs Reality
Novogratz clarified that the hype around quantum computing as a threat is often used by some investors as a reason to sell, rather than reflecting actual vulnerabilities. The technology capable of breaking Bitcoin’s encryption is still years, if not decades away, and the Bitcoin network is already prepared to adapt.
Market Sentiment & Profit-Taking
Recent Bitcoin price dips coincided with profit-taking by long-term holders, which created additional selling pressure. Novogratz suggested that the quantum narrative is sometimes exaggerated to justify these sales, rather than indicating real network risk.
Future-Proofing Bitcoin Security
Novogratz highlighted that Bitcoin developers are proactively working on quantum-resistant cryptography, ensuring that the network remains secure against future threats. By the time quantum computing becomes a genuine risk, Bitcoin will already have the necessary defenses in place.
Why This Matters
Investor Confidence: Understanding the real vs perceived risks helps investors make informed decisions.
Market Psychology: Profit-taking and sentiment often drive short-term price movements more than speculative threats.
Long-Term Security: Bitcoin’s adaptability and proactive upgrades ensure resilience against future technological challenges.
Key Takeaways
Quantum computing is not an immediate risk to Bitcoin.
The narrative around quantum threats is often amplified by market psychology.
Bitcoin developers are actively preparing for quantum-resistant upgrades.
#bitcoin #BTC #MikeNovogratz #GalaxyDigital