‘Bitcoin in Consolidation’ – Galaxy’s Mike Novogratz Reportedly Sees Solana, Ethereum Taking Spotlight For Now

Galaxy Digital (GLXY) CEO Mike Novogratz reportedly said Bitcoin (BTC) is consolidating as other cryptocurrency ecosystems attract investor attention, but predicted a renewed rally toward the end of 2025.

Bitcoin’s price rose 1.5% in the last 24 hours, with retail sentiment on Stocktwits continuing to trend in ‘bearish’ territory even as the apex cryptocurrency recovered to $114,000.

“Bitcoin’s in consolidation right now, partly because you’re seeing a lot of these Treasury companies in other coins take their shot,” Novogratz said in an interview with CNBC. He noted that Ethereum (ETH) and Solana (SOL)-linked firms are drawing capital, including a $1.65 billion financing for a Solana ecosystem company by Forward Industries (FORD) completed earlier on Thursday.

Ethereum’s price gained 0.9% in the last 24 hours, with retail sentiment on Stocktwits trending in ‘extremely bearish’ territory. Meanwhile, Solana’s price gained 0.6%, with retail sentiment on Stocktwits improving to ‘bullish’ from ‘neutral’ and retail chatter rising to ‘normal’ from ‘low’ levels over the past day.

Novogratz described the inflows into Solana as part of a broader “season of SOL,” highlighting the blockchain’s transaction speed and growing role in financial markets. “Solana can process 14 billion transactions a day—that’s more than equities, fixed income, commodities and foreign exchange combined. It’s tailor-made for financial markets,” he said, adding that new funds and ETFs targeting the ecosystem are set to deepen liquidity.

“That’s bringing energy into the crypto space. It’s bringing money into the crypto space. And Bitcoin is kind of going sideways a little bit. I think while these other ecosystems are having their moment, I think probably we have another big surge up towards the end of the year in Bitcoin, as the Fed starts the cutting cycle,” he said.

Galaxy Digital’s stock rose 1.6% in pre-market trade on Thursday. On Stocktwits, retail sentiment around the company moved higher within ‘bullish’ territory amid ‘high’ levels of chatter. The stock has gained nearly 50% this year and more than doubled in value over the past 12 months. 

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