Following Bitcoin Dive, Galaxy CEO Novogratz Says Crypto Headed for 'Much Lower Returns'

In brief

• Mike Novogratz declared the “age of speculation” in crypto is over, shifting to real-world asset tokenization.
• Galaxy is launching a $100 million hedge fund with 30% crypto exposure, 70% in financial services stocks.
• An October 2025 flash crash wiped $19 billion in derivatives, leaving a lasting impact on market narratives.