2月11日消息，Galaxy首席执行官Mike Novogratz在纽约举行的CNBC数字金融论坛上表示，随着更多风险偏好较低的机构资金进入，加密货币依赖高倍收益的“投机时代”可能正在走向尾声，行业正向更成熟的金融形态演变。
Mike Novogratz指出，散户进入加密市场往往追求数倍甚至数十倍回报，而机构投资者则更看重稳定性和风险控制。这种参与者结构的变化，意味着超额收益的空间正在被压缩。他回顾了2022年FTX崩盘带来的冲击，当时比特币从69,000美元高位下跌约78%，最低触及15,700美元，市场一度陷入信任危机。
他还提到，10月10日出现的杠杆集中释放事件，在缺乏明确催化因素的情况下，加剧了资金外流与抛售压力。“你会四处张望，却很难找到真正的原因，”他说。对他而言，加密市场本质是一种“叙事驱动型资产”，当大量资金撤离，信心与故事都需要时间重建。
在谈到未来方向时，Mike Novogratz认为，代币化的现实世界资产将成为新的增长引擎。相比高风险投机，这类资产更接近传统金融回报模式，但能借助区块链技术提升效率与透明度。他强调，最终主导市场的将是与现实经济紧密相连的资产。
Chainlink联合创始人Sergey Nazarov也表达了相似观点，称RWA的总体价值有望超过传统加密资产，并推动行业发生结构性转变。
与此同时，Lightspark联合创始人兼首席执行官David Marcus表示，比特币持有者结构正在变化，更多通过网络接入金融体系的新用户正在加入。但他认为，那些长期将比特币视为对冲工具的持有者，仍具备较强的抗风险能力。
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