Aave

Bitcoin ETF

Galaxy

Bitcoin

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<ul> 
 <li>Galaxy Digital CEO Mike Novogratz firmly believes that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF this year.</li> 
 <li>The diversification of Galaxy Digital’s positions in Bitcoin and Ethereum, along with its use of Aave and Compound, is a positive development for the DeFi sector.</li> 
 <li>Mike Novogratz expresses confidence that the constructive discussions between Bitcoin ETF issuers and the SEC in 2023 indicate the approval of a spot Bitcoin ETF.</li> 
</ul> 
<p><strong>On-chain data platform reveals today that Galaxy Digital, Mike Novogratz’s cryptocurrency investment firm, has taken long positions in Bitcoin and Ethereum.</strong></p> 
<h2 id="strong-galaxy-digital-goes-long-on-bitcoin-and-ethereum-strong"><strong>Galaxy Digital Goes Long on Bitcoin and Ethereum</strong></h2> 
<p><img decoding="async" loading="lazy" class="alignnone size-full wp-image-126576" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Bitcoin-Ethereum" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-Ethereum-5.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has recently made positive remarks about cryptocurrencies. Novogratz strongly believes that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF this year. In addition to these developments, an on-chain data platform reports that Galaxy Digital has taken long positions in Bitcoin and Ethereum on decentralized lending platforms Aave and Compound. On October 28, Lookonchain reported:</p> 
<blockquote>
 <p>“It appears Galaxy Digital has long positions on $BTC and $ETH on Aave and Compound.”</p>
</blockquote> 
<p>Lookonchain cited Debank data indicating that Galaxy Digital deposited 4,168 WBTC (worth $142 million) and 16,000 ETH (worth $28.6 million) into Aave and Compound. They borrowed 71.6 million USDT and 21.9 million USDC from Aave and Compound.</p> 
<p>Galaxy Digital’s diversification of Bitcoin and Ethereum positions and its use of Aave and Compound is a positive development for the DeFi sector. As a result, AAVE and COMP prices have increased by over 5% and 3% respectively in the last 24 hours. Aave and Compound prices have surged by more than 20% and 12% in the recent crypto market rally led by the Bitcoin ETF.</p> 
<p>Mike Novogratz expresses confidence that the constructive discussions between Bitcoin ETF issuers and the SEC in 2023 indicate the approval of a spot Bitcoin ETF. According to him, it’s now a matter of “when” rather than “if.”</p> 
<h2 id="strong-will-bitcoin-and-ethereum-prices-increase-strong"><strong>Will Bitcoin and Ethereum Prices Increase?</strong></h2> 
<p>Galaxy Digital stated in a report this week that a spot Bitcoin ETF could attract $14.4 billion in its first year. Galaxy Digital also mentioned that, after the launch of a spot Bitcoin ETF in the U.S., Bitcoin’s price would increase by approximately 74.1% in the first year.</p> 
<p>Currently, Bitcoin is trading at around $34,160 with a 0.70% increase in the last 24 hours and a 15% increase in the past week. A study by Matrixport suggests that Bitcoin could reach $45,000 in 2023 and potentially hit $125,000 by December 2024. Ethereum’s price has also increased by 0.70% in the last 24 hours and is currently trading at $1,788.</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/galaxy-digital-revealed-to-have-long-positions-in-bitcoin-and-ethereum/">Galaxy Digital Revealed to Have Long Positions in Bitcoin and Ethereum!</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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Galaxy Digital Revealed to Have Long Positions in Bitcoin and Ethereum!

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