According to CNBC, Galaxy CEO Mike Novogratz said that the crypto industry's past reliance on high leverage and high expected returns during the 'speculative era' might be coming to an end. With lower-risk institutional funds continuing to enter the market, the focus is shifting from speculative narratives chasing multi-fold returns to applications like blockchain-based RWA and tokenized stocks. Overall returns and volatility are expected to decline simultaneously. Novogratz pointed out that the current market pullback is not triggered by a single black swan event but is a structural adjustment caused by the large-scale deleveraging in October 2025, which weakened the power of retail investors and market makers. He also expressed optimism about the eventual passage of the CLARITY Act, a U.S. crypto market structure legislation, which could rebuild confidence in the industry. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=56541