Mike Novogratz’s crypto funding agency Galaxy Digital made a number of bullish statements on crypto not too long ago, with CEO Novogratz additionally strongly believing that the U.S. SEC will approve a spot Bitcoin ETF this yr. On-chain information platform experiences that Galaxy Digital goes lengthy on Bitcoin and Ethereum on decentralized lending platforms Aave and Compound.
Galaxy Digital Is Long On Bitcoin, Ethereum, Aave, and Compound
Mike Novogratz’s crypto funding agency Galaxy Digital goes lengthy on Bitcoin (BTC) and Ethereum (ETH) on Aave and Compound, reported Lookonchain on October 28.
“Seems that Galaxy Digital is long $BTC, $ETH on Aave and Compound.”
Lookonchain cited Debank data indicating that Galaxy Digital deposited 4,168 WBTC (value $142 million) and 16,000 ETH (value $28.6 million) into decentralized lending platforms Aave and Compound. It borrowed 71.6 million USDT and 21.9 million USDC from Aave and Compound.
Galaxy Digital diversifying Bitcoin and Ethereum positions and leveraging Aave and Compound is bullish for the DeFi business.
As a end result, AAVE and COMP costs have jumped 5% and three% up to now 24 hours, respectively. Aave and Compound costs have rallied greater than 20% and 12% amid the latest Bitcoin ETF-led crypto market rally.
Mike Novogratz is assured that constructive discussions between Bitcoin ETF issuers and the U.S. SEC signified a spot Bitcoin ETF approval in 2023. He thinks it’s now “A question of when not if.”
Bitcoin and Ethereum Prices To Rally?
A spot Bitcoin ETF might appeal to $14.4 billion of inflows within the first yr of issuance, Galaxy Digital reported in a research this week.
Furthermore, Galaxy Digital stated BTC value will enhance by almost 74.1% within the first yr after spot Bitcoin ETF’s launch within the United States.
BTC price presently trades at $34,239, up 0.70% up to now 24 hours and 15% in per week. Matrixport’s research says Bitcoin can hit $45k in 2023 and $125K by December 2024.
Meanwhile, ETH price additionally jumped 0.70% up to now 24 hours, with the value presently buying and selling at $1,788.
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