Galaxy CEO Mike Novogratz has noted the current downturn in the cryptocurrency market, attributing it to a rebalancing by long-term holders following an extended bull run. Novogratz suggests that while diversifying portfolios is beneficial for the market's long-term health, it may exert short-term pressure on prices. He also mentioned that the crypto market has not yet reached a cyclical peak. Novogratz anticipates that a potential new Federal Reserve chair, expected by year-end, could adopt a more dovish stance than previous leadership, potentially sparking the next market rally.