Cryptocurrency markets are facing continued sluggishness as investors reassess exposure following years of rapid gains. Galaxy Digital (Nasdaq: GLXY) chief executive Mike Novogratz said on social media platform X this week that the slowdown may reflect long-term holders diversifying their portfolios after a prolonged bull market, signaling a period of market adjustment.

Novogratz, who leads Galaxy Digital, a digital asset and financial services firm that provides trading, asset management, and investment banking services to institutional clients, wrote:

The crypto markets have been very sluggish. My best guess is that after a very long bull market, lots of long term holders are rebalancing their net worths and diversifying away from massive concentrated holdings.

“This is healthy in the medium and long term as these positions get distributed. In the short run, it’s a proverbial wet blanket and has weighed on prices,” he added. The executive described the pullback as a reallocation process that is likely to stabilize the market over time.

He also noted potential macroeconomic developments that could shape sentiment:

I do not think we have seen cycle highs. I think by year end we see a new Fed chair and he will be far more dovish than markets are used to. Hopefully that gives enough narrative to propel the next leg higher.

Despite short-term pressures, Novogratz reaffirmed his optimism toward both the cryptocurrency market and Galaxy Digital, stating he remains “a long term bull on $GLXY.”

• Why are crypto markets sluggish right now?
  Investors are rebalancing portfolios after years of rapid gains, leading to a temporary slowdown as long-term holders diversify assets.
• What does Mike Novogratz believe about the current market cycle?
  He views the current pullback as a natural reallocation phase that will strengthen the market’s long-term foundation.
• How might macroeconomic policy affect crypto prices?
  Novogratz anticipates a more dovish Federal Reserve by year-end, potentially fuelling the next market upswing.
• What is Novogratz’s outlook for Galaxy Digital?
  Despite short-term challenges, he remains confident and describes himself as “a long term bull on $GLXY.”

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