Overview
- Galaxy Digital’s Mike Novogratz disclosed that a single client sold $9 billion of bitcoin in 2025 and said the drawn-out unwind weighed on prices.
- He characterized the transaction as part of broader profit-taking by early adopters and noted that long-held HODL discipline has eased.
- Novogratz said quantum fears were cited as a reason but called them the “big excuse,” adding he expects Bitcoin to adopt quantum‑resistant upgrades in time.
- He argued governance conflict would be a bigger risk than quantum advances, even as developers and projects expand post‑quantum work, including a new Ethereum Foundation team.
- Recent assessments say quantum capabilities fall far short of what is needed to break Bitcoin, though institutions like Coinbase flag long‑term risk and Jefferies cut a model bitcoin allocation.