2月11日消息，Galaxy首席執行官Mike Novogratz在紐約舉行的CNBC數字金融論壇上表示，隨著更多風險偏好較低的機構資金進入，加密貨幣依賴高倍收益的“投機時代”可能正在走向尾聲，行業正向更成熟的金融形態演變。
Mike Novogratz指出，散戶進入加密市場往往追求數倍甚至數十倍回報，而機構投資者則更看重穩定性和風險控制。這種參與者結構的變化，意味著超額收益的空間正在被壓縮。他回顧了2022年FTX崩盤帶來的衝擊，當時比特幣從69,000美元高位下跌約78%，最低觸及15,700美元，市場一度陷入信任危機。
他還提到，10月10日出現的槓桿集中釋放事件，在缺乏明確催化因素的情況下，加劇了資金外流與拋售壓力。“你會四處張望，卻很難找到真正的原因，”他說。對他而言，加密市場本質是一種“敘事驅動型資產”，當大量資金撤離，信心與故事都需要時間重建。
在談到未來方向時，Mike Novogratz認為，代幣化的現實世界資產將成為新的增長引擎。相比高風險投機，這類資產更接近傳統金融回報模式，但能借助區塊鏈技術提升效率與透明度。他強調，最終主導市場的將是與現實經濟緊密相連的資產。
Chainlink聯合創始人Sergey Nazarov也表達了相似觀點，稱RWA的總體價值有望超過傳統加密資產，並推動行業發生結構性轉變。
與此同時，Lightspark聯合創始人兼首席執行官David Marcus表示，比特幣持有者結構正在變化，更多通過網絡接入金融體系的新用戶正在加入。但他認為，那些長期將比特幣視為對沖工具的持有者，仍具備較強的抗風險能力。
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