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

Mike Novogratz’s crypto investment firm Galaxy Digital made several bullish statements on crypto recently, with CEO Novogratz also strongly believing that the U.S. SEC will approve a spot Bitcoin ETF this year. On-chain data platform reports that Galaxy Digital is going long on Bitcoin and Ethereum on decentralized lending platforms Aave and Compound.

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

Mike Novogratz’s crypto investment firm Galaxy Digital is going long on Bitcoin (BTC) and Ethereum (ETH) on Aave and Compound, reported Lookonchain on October 28.

“Seems that Galaxy Digital is long $BTC, $ETH on Aave and Compound.”

Lookonchain cited Debank data indicating that Galaxy Digital deposited 4,168 WBTC (worth $142 million) and 16,000 ETH (worth $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 industry.

As a result, AAVE and COMP prices have jumped 5% and 3% in the past 24 hours, respectively. Aave and Compound prices have rallied more than 20% and 12% amid the recent Bitcoin ETF-led crypto market rally.

Mike Novogratz is confident 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 question of when not if.”

Bitcoin and Ethereum Prices To Rally?

A spot Bitcoin ETF could attract $14.4 billion of inflows in the first year of issuance, Galaxy Digital reported in a research this week.

Furthermore, Galaxy Digital said BTC price will increase by nearly 74.1% in the first year after spot Bitcoin ETF’s launch in the United States.

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

Meanwhile, ETH price also jumped 0.70% in the past 24 hours, with the price currently trading at $1,788.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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