Galaxy Digital CEO Mike Novogratz has described Bitcoin's recent price action as "disappointing."
The flagship cryptocurrency is currently failing to capture the same safe-haven bid that is driving the gold market to record highs.
"$BTC is disappointing as it is still being met with selling," he stated.
Macro alarm
Novogratz has argued that the traditional markets are flashing red signals regarding the greenback's global standing.
He pointed to the surging price of gold as the primary indicator that faith in the greenback is eroding faster than anticipated.
"The gold price is telling us we are losing reserve currency status at an accelerating rate," Novogratz wrote.
The Galaxy boss has also pointed to the bond market as a source of concern.
Despite this perfect storm of macro drivers, the flagship cryptocurrency has struggled to gain momentum.
Key technical level
Novogratz argues that the bulls have to reclaim the $100,000-$103,000 range in order to be able to regain their momentum. For now, the leading cryptocurrency is still stuck below the $90,000 level due to prevailing risk-off sentiment.
"I will reiterate that it has to take out 100-103k to regain its upward trend," Novogratz noted.
$100 million hedge fund
Galaxy Digital, the financial services giant helmed by Mike Novogratz, is returning to its roots with the launch of a $100 million hedge fund.
According to a report from the Financial Times, the fund is slated to launch in the first quarter of this year with capital from family offices, high-net-worth individuals and institutional partners. Galaxy is also providing undisclosed seed capital.
Up to 30% of the fund’s assets will be invested directly in liquid cryptocurrencies, with Portfolio Manager Joe Armao specifically citing bullish long-term conviction on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). The remaining capital will target financial services stocks.
This fund's "long/short" capability allows the fund to profit even if prices fall.
Alex Dovbnya
Arman Shirinyan
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