Ethereum (ETH) may soon outperform Bitcoin (BTC), according to Galaxy Digital CEO Mike Novogratz. He attributes the potential shift to rising institutional demand and favorable macroeconomic conditions.
In a July 24 interview with CNBC, Novogratz highlighted that Ethereum is gaining momentum, noting that several firms are now raising funds specifically to buy ETH. One example is SharpLink Gaming, which now holds over 360,000 ETH.
According to Novogratz, this is not just retail speculation. He sees real institutional money entering the market, especially after the launch of Ethereum ETFs. He estimated that over $20 billion has recently flowed into the crypto space recently, fueling both institutional and retail interest.
Further, he compared Bitcoin to a stable, store-of-value asset and described Ethereum as a growth asset that has more upside to it. According to him, ETH may be the next big crypto rally leader in case it breaks important resistance points.
Novogratz also cited macro trends behind the Ethereum surge. Risk assets such as ETH may gain as inflation pressures, increased capital spending, and stimulus initiatives by the U.S. and China are in place. He further said that as long as the Federal Reserve remains dovish, ETH prices can keep rising.
He also said Ethereum ETFs, like BlackRock’s ETHA, are playing a key role in attracting new capital. ETHA recently became the third fastest ETF to hit $10 billion in assets.
At the time of writing, Ethereum is trading at $3,633.20, up 0.23% in the last 24 hours.