Technically, Galaxy Digital’s price resistance is at $10.00. Long-term outlook is positive however we believe the shares will spend a month or two consolidating its recent move. We continue to like Galaxy as a long-term position involved in Digital Assets. Use risk management tools appropriate to your situation and risk tolerance.
LOTM considers itself a speculator due to our nature of owning few positions in concentration. This is not appropriate for most investors or traders. LOTM considers four types of people involved in the market – Investors, Traders Speculators and Gamblers. Be sure you know your profile and act accordingly. Accounts related to LOTM has a position in Galaxy Digital and we expect a pull-back in price over the next 60 days prior to the anticipated Bitcoin halving event in April 2024. Longer-term we are of the opinion the stock can challenge the high water mark above 2021’s price above $35.00. Catalysts forward include, the Bitcoin halving, Galaxy stock getting listed in the USA and increasing digital assets under management. 25% to 230% draw backs in price in this world are common.
LOTM has always held the thought that Galaxy Digital is a broad based, diversified way to participate in Digital Assets. In addition to managing digital assets, Galaxy has a venture capital division that is involved in digital asset technology with partial ownership in 220 private digital asset companies. Galaxy also Mines crypto and acts as a trading desk/liquidity provider for more than 900 Institutional clients. Yes, this is an advertisement for a current position, but I also said this a year-ago and two-years ago. It is nice to see some others say the same thing. Keep in mine that when a stock is in the headlines with positive implications it is often a sell signal. I am not selling here, but this could well be a 30 day to 60 day profit taking period within a longer-term trend. Look for your entry points and exit points – scale in and scale out. Galaxy stock has tripled in the last twelve months. Good luck to us all. Tom
Galaxy Digital Is One of the ‘Most Diversified’ Ways to Play Crypto, Analyst Says
Investment bank Canaccord started research on the stock with a buy rating and C$17 per share price target, implying 30% upside.
By Lyllah Ledesma – COINDESK Feb 20, 2024 at 9:47 a.m. CST Updated Feb 20, 2024 at 11:23 a.m. CST
Billionaire Mike Novogratz’s Galaxy Digital (GLXY.TO) has new coverage at Canaccord Genuity, which initiated the stock with a buy rating at C$17 (US$12.75) price target.
Galaxy “represents one of the most diversified ways to play digital assets,” wrote analyst Joseph Vafi, whose price target suggests 30% upside from the current C$13.
Galaxy’s institutional trading business is a “share gainer,” said Vafi, citing the upcoming launch of its crypto prime brokerage platform, Galaxy One. Combine that with the price gains surrounding the spot ETFs and the upcoming halving and trading should do well, according to Vafi.
With fourth quarter earnings soon to be announced, Vafi took note of crypto’s strong performance during that period and expects to see an “appreciably higher” book value versus the third quarter.
The Invesco Galaxy Bitcoin ETF (BTCO) as of the end of last week had accumulated more than 6,000 bitcoins representing over $315 million in assets under management.
Shares are modestly lower to C$12.95 in Tuesday trade.
Edited by Stephen Alpher. – COINDESK
Recommended for you by COINDESK:
- Bitcoin ETFs See Record $2.4B Weekly Inflows; BlackRock’s IBIT Leads: CoinShares
- First Mover Americas: All Eyes on Ether
- Worldcoin’s Rocketing WLD Token Could Benefit Creditors of Three Arrows Capital, FTX
Mike Novogratz’s Galaxy Digital Buys $76 Million in Ethereum From Major Exchanges
Feb 20, 202406:10 CST TradingView
In a significant move within the cryptocurrency sector, Mike Novogratz’s investment firm, Galaxy Digital, has acquired a substantial amount of Ethereum ETHUSD, worth approximately $76 million. This transaction was conducted through withdrawals from two of the most prominent cryptocurrency exchanges, Coinbase Prime and Binance, as revealed by Lookonchain, a firm that monitors on-chain data.
The exact amount withdrawn totals around 26,000 ETH, which, given the current market value, translates to the aforementioned $76.2 million. This considerable acquisition of Ethereum underscores Galaxy Digital’s bullish stance on the crypto, aligning with the broader market sentiment surrounding the cryptocurrency’s growth and potential.
On-chain data shows that #GalaxyDigital withdrew 26K $ETH($76.2M) from #CoinbasePrime and #Binance in the past 12 hours.https://t.co/oPJdrwWcwS pic.twitter.com/b80Lr2DqzM— Lookonchain (@lookonchain) February 20, 2024
This transaction is part of a wider trend of significant movements within the Ethereum market. Another notable transaction was the transfer of 14,000 ETH, valued at over $41 million, from Coinbase Institutional to an unknown wallet. This movement was reported by Whale Alert, a platform that tracks large crypto transactions, indicating increased activity and interest from large-scale investors in Ethereum.
Broader bullish sentiment
Traditionally, institutional investors have been cautious in their approach toward digital currencies, given their volatility and regulatory uncertainties. However, actions by firms like Galaxy Digital signal a shift in perception toward the potential of cryptocurrencies to offer diversified investment portfolios and hedge against traditional financial market risks.
These substantial investments come at a time when Ethereum’s market performance is on an uptick. The price of Ethereum stands at approximately $2,913, marking a slight increase of 0.01% over the last 24 hours. More notably, it has experienced a significant surge of 17.68% over the past 30 days, reflecting a growing confidence among investors in the cryptocurrency’s value and stability.
The strategic accumulation of Ethereum by entities such as Galaxy Digital and other anonymous investors suggests a robust and growing interest in the potential of Ethereum, not just as a digital currency, but as a platform for decentralized applications (dApps) and smart contracts. This is in line with the broader market trends that have seen increased investment and development within the blockchain and cryptocurrency space.
Mike Novogratz Bullish on Bitcoin as Halving Looms
Feb 15, 202407:39 CST – TRADINGVIEW
As Bitcoin gears up for its highly anticipated halving event in April 2024, renowned investor Mike Novogratz shares his bullish sentiments on the future trajectory of the leading digital asset.
Novogratz, CEO of Galaxy Investment, which specializes in crypto investments, took to social media to provide insight into Bitcoin’s upcoming halving. With cryptocurrency recently breaching the $1 trillion market capitalization mark and nearing a valuation of $52,500, just shy of its previous all-time high of $69,000, Novogratz emphasizes the significance of the impending halving.
Highlighting the scarcity, Novogratz mentioned the impending difficulty increase in BTC mining, underscoring the potential for increased demand and diminished supply to propel Bitcoin’s price further upward. He stressed the role of supply dynamics in determining asset prices, echoing the sentiment that diminishing supply amid sustained demand could drive Bitcoin’s value higher in the long term.
2 months to the halving!! Man time flies… I remember celebrating the last one on a zoom with @ToneVays and @woonomic and tons of other $BTC fanatics!!
Mining about to get a whole lot harder …
But ETF demand and less supply gonna drive price.
Always remember, prices…— Mike Novogratz (@novogratz) February 15, 2024
In addition to Novogratz’s remarks, recent developments from institutional investors further underscore Bitcoin’s growing mainstream acceptance. BlackRock, a global investment management corporation, has bolstered its Bitcoin holdings to 105,280 BTC for its spot iShares Bitcoin Trust, IBIT, signaling continued institutional confidence in the digital asset.
Prepare for roller coaster ride
However, historical data suggests that Bitcoin typically experiences a dip in price in March of halving years, followed by renewed upward momentum. Matrixport, a leading digital asset financial services platform, previously noted this trend, further reinforcing the narrative of short-term volatility amid long-term bullishness. Bitcoin Mining Difficulty by CoinWarz
Further amplifying optimism, Bitcoin’s mining difficulty has recently surged to a record-high of 75.5 T, reflecting the network’s robustness and signaling a historically bullish trend for the cryptocurrency.
As Bitcoin’s halving event approaches, investors like Novogratz remain optimistic about its long-term prospects, citing institutional investment, supply dynamics and historical patterns as key indicators of continued growth in the digital asset space.my
Written and shared – February 19, 2024, by Tom Linzmeier
The stock market is a device for transferring money from the impatient to the patient – Warren Buffett
Accounts related to LOTM and Tom Linzmeier can & will, buy or sell securities at any time.
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
Consult your investment advisor for investment advice appropriate for your situation.
To Unsubscribe, please select “return” and type Unsubscribe in the subject line.
Tom’s LOTM Blog
248 total views, 2 views today