Galaxy Digital CEO Mike Novogratz recently stated that Ethereum (ETH) is poised to outperform Bitcoin (BTC) in the coming three to six months. This prediction was made during a CNBC interview, followed by Galaxy Digital's large Bitcoin sales.
Novogratz's Opinions on Ethereum
In the CNBC interview, Novogratz shared his expectations for Ethereum, stating, 'If [Ethereum] takes out $4,000, it goes into price discovery, and we feel kind of destined to at least knock on the 4,000 ceiling a few times.' He also mentioned the growing corporate demand for ETH.
Galaxy's Shift from Bitcoin to Ethereum
Recent data revealed that Galaxy Digital continued to sell Bitcoin, contributing to a short-term price drop. Galaxy sold 10,000 BTC, earning over $1 billion, while some experts noted that the firm is increasing its investment in Ethereum, owning approximately 64,858 ETH valued at around $241.5 million.
Growing Optimism for Ethereum
The bullish news surrounding Ethereum continues as recent data shows that inflows to Ethereum ETFs significantly exceed those of Bitcoin ETFs for July. Novogratz and other analysts predict a further increase in Ethereum's overall value due to favorable news and the introduction of stablecoin regulations in the U.S.
Galaxy Digital's positioning and Novogratz's views indicate a shifting landscape in the cryptocurrency market, with Ethereum possibly taking center stage in the coming months.
