TechFlow News, February 11: Mike Novogratz, Founder and CEO of Galaxy, stated at CNBC’s Digital Finance Forum that this downturn reflects an industry-wide transition—not a single-event trigger. As risk-averse institutional investors enter the market, the “speculative era” of cryptocurrency may be coming to an end, giving way to lower-yield real-world assets and tokenized equities. The market crash in October 2025 led to a mass exit of retail investors and market makers. Novogratz expressed optimism about the eventual passage of the CLARITY Act, calling it critical to restoring confidence in the crypto market.
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