Scaramucci and Novogratz Assess Crypto Market: Bitcoin's Worst May Be Over

Renowned macro investor Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz delved into the current trends, liquidity structure, and potential turning points of the cryptocurrency market in a recent interview. Despite ongoing geopolitical tensions in the Middle East, market sentiment has subtly rebounded, with some participants believing that Bitcoin's downward pressure may have peaked.

Novogratz expressed cautious optimism about Bitcoin's recent price performance, noting that the $60,000 level has gradually formed a supportive "tradable bottom." He observed that long-term selling pressure is showing signs of fatigue, and after multiple tests of this range, buying resistance is strengthening. However, he emphasized that true market confidence will only return when Bitcoin effectively breaks through the key resistance level of $80,000.

Regarding the circulating claim that "Jane Street systematically sold Bitcoin during the LUNA crash in 2022," Novogratz stated that while large financial institutions possess trading speeds and resources far exceeding those of traditional investment banks, simply attributing market declines to the actions of a single institution may overlook deeper structural liquidity issues. He pointed out that while market makers and liquidity providers are highly profitable, over-reliance on short-term arbitrage may weaken the long-term health of the market. On Ethereum, Novogratz mentioned that there is strong psychological support below $1,800, and most crypto hedge funds are still in net short positions. He predicted that if Bitcoin's price rapidly rises to the $80,000 to $100,000 range, it will trigger a large-scale short squeeze and FOMO (fear of missing out), which will drive a synchronous rebound in Ethereum and other mainstream cryptocurrencies, forming a positive linkage effect.