Mike Novogratz’s Galaxy Digital Going Long On Bitcoin And Ethereum

Mike Novogratz’s crypto funding agency Galaxy Digital made a number of bullish statements on crypto not too long ago, with CEO Novogratz additionally strongly believing that the U.S. SEC will approve a spot Bitcoin ETF this 12 months. On-chain knowledge platform studies that Galaxy Digital goes lengthy on Bitcoin and Ethereum on decentralized lending platforms Aave and Compound.

Galaxy Digital Is Lengthy On Bitcoin, Ethereum, Aave, and Compound

Mike Novogratz’s crypto funding agency Galaxy Digital goes lengthy on Bitcoin (BTC) and Ethereum (ETH) on Aave and Compound, reported Lookonchain on October 28.

“Appears that Galaxy Digital is lengthy $BTC, $ETH on Aave and Compound.”

Lookonchain cited Debank data indicating that Galaxy Digital deposited 4,168 WBTC (value $142 million) and 16,000 ETH (value $28.6 million) into decentralized lending platforms Aave and Compound. It borrowed 71.6 million USDT and 21.9 million USDC from Aave and Compound.

Galaxy Digital diversifying Bitcoin and Ethereum positions and leveraging Aave and Compound is bullish for the DeFi trade.

In consequence, AAVE and COMP costs have jumped 5% and three% up to now 24 hours, respectively. Aave and Compound costs have rallied greater than 20% and 12% amid the latest Bitcoin ETF-led crypto market rally.

Mike Novogratz is assured that constructive discussions between Bitcoin ETF issuers and the U.S. SEC signified a spot Bitcoin ETF approval in 2023. He thinks it’s now “A query of when not if.”

Bitcoin and Ethereum Costs To Rally?

A spot Bitcoin ETF may entice $14.4 billion of inflows within the first 12 months of issuance, Galaxy Digital reported in a research this week.

Moreover, Galaxy Digital mentioned BTC worth will improve by practically 74.1% within the first 12 months after spot Bitcoin ETF’s launch in the US.

BTC price at present trades at $34,239, up 0.70% up to now 24 hours and 15% in every week. Matrixport’s research says Bitcoin can hit $45k in 2023 and $125K by December 2024.

In the meantime, ETH price additionally jumped 0.70% up to now 24 hours, with the value at present buying and selling at $1,788.

Additionally Learn:

✓ Share:

Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those modern future applied sciences. He’s at present masking all the most recent updates and developments within the crypto trade.

The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.