Galaxy Digital Founder: Ethereum Market Sentiment is "Extremely Pessimistic"

Odaily Planet Daily News Galaxy Digital founder and CEO Mike Novogratz believes that Ethereum has failed to keep pace with other cryptocurrencies like Bitcoin and Solana. In an interview, Novogratz stated, "The market sentiment around Ethereum is extremely pessimistic. I think the biggest reason is Gensler's ambiguous definition of $ETH; he has sued Consensys, questioning whether $ETH is a security or not. Therefore, Ethereum is facing some regulatory pressure."

When discussing the investment narrative of Ethereum and how it differs from Bitcoin, Novogratz noted that Bitcoin has garnered increasing media attention since President Donald Trump spoke at the 2024 Bitcoin Conference last summer. He said, "Currently, most of Ethereum's market value is as a store of value, but what draws people's attention is the web3 narrative. The reality of the entire crypto ecosystem is that narratives bring enthusiasm, and enthusiasm creates value."