Galaxy CEO: Long-term holders are starting to adjust their asset allocation, and diversified positions are putting short-term pressure on prices.

ChainCatcher News: Galaxy CEO Mike Novogratz posted on X, stating that the cryptocurrency market has been very sluggish recently. After a prolonged bull market, many long-term holders have begun to readjust their asset allocations, diversify their investments, and reduce concentrated positions. In the medium to long term, diversification of positions is beneficial for market development, but in the short term, it puts pressure on prices. At present, the crypto market has not reached a cyclical peak. By the end of this year, the Federal Reserve may welcome a new chairman, whose stance is expected to be more dovish than what the market is used to. He hopes this could serve as a catalyst for the next round of price increases.