Bitcoin ‘Didn’t Do What It Was Supposed To Do’ In 2025, Says Galaxy CEO Novogratz

Bitcoin price movement has relied on investor narratives, said Novogratz, and excitement may not return until Bitcoin breaks $100,000.

• Mike Novogratz said Bitcoin did not meet his expectations this year, trading near $87,000 instead of his earlier $150,000 outlook.
• Novogratz linked Bitcoin's sideways movement to a weakening economy and selling pressure in traditional financial markets.
• Novogratz said that platforms integrating banking, crypto assets, tokenized equities, and prediction markets are the most promising.

Galaxy Digital CEO Michael Novogratz said on Tuesday that Bitcoin (BTC) failed to meet his expectations in 2025, as the cryptocurrency struggled to gain sustained upside amid macroeconomic pressure and broader financial market selling.

Speaking in an interview with Anthony Scaramucci, the founder of the multi-asset class alternative firm, SkyBridge Capital, Novogratz said he expected Bitcoin to end the year near $150,000, but instead saw it trading closer to $87,000, a gap that weighed heavily on investor sentiment across the crypto market.

Bitcoin Faces Macro Headwinds

In the interview, Novogratz framed Bitcoin’s weak performance as part of a broader economic slowdown. “There is a macro narrative here,” he said, adding that financial markets are still going through a period of adjustment.

According to Novogratz, Bitcoin “didn’t do what it was supposed to do this year” and could trade sideways for some time. He also pointed to pressure from traditional financial markets, saying, “Wall Street is a selling machine,” even as more public companies continue to add Bitcoin to their balance sheets.  

Corporate Adoption Continues Despite Price Weakness

While price action has disappointed bulls, Novogratz acknowledged that corporate adoption of Bitcoin has continued throughout the year.

This trend has been led by Strategy, the largest corporate holder of Bitcoin. Strategy added Bitcoin throughout 2025 with a series of market purchases, bringing its total holdings to over 671,268 BTC. Smaller public companies have also disclosed Bitcoin treasury positions, including BitMine (BMNR), which held 192 BTC. 

Bitcoin was trading at $86,942.99, showing a modest decline of roughly 0.6% over the last 24 hours. On Stocktwits, retail sentiment around Bitcoin remained in ‘Extremely Bearish’ territory, with ‘normal’ levels of chatter over the past day.

Long-Term Optimism 

Despite near-term price weakness, Novogratz said he remains optimistic about the long-term role of digital assets. He cited growing interest from governments and financial institutions. According to Arkham Intelligence data, the US government holds 198,012 Bitcoin, amounting to a value of about $17.21 billion..

According to Novogratz, the next phase of crypto growth will come from platforms that combine “banking, crypto assets, tokenized stocks, and prediction markets” into a single app. “We’re going to bank the unbankable,” he said, calling crypto infrastructure development “the most bullish part of the market.”

Novogratz added that Bitcoin price momentum has historically depended on investor narratives and suggested broader optimism may not return until Bitcoin moves back above $100,000. 

What Is Retail Mood On Stocktwits?

Galaxy Digital (GLXY) shares were trading flat alongside broader crypto markets, closing at $24.59, down 0.08% on the day. On Stocktwits, retail sentiment around Galaxy remained in the ‘bearish’ territory. However, chatter around the equity dropped from ‘normal’ to ‘low’ levels over the past day.

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