As the cryptocurrency market shifts into a new phase, the spotlight is turning toward Ethereum (ETH). According to Galaxy Digital CEO Mike Novogratz, Ethereum may soon outperform Bitcoin (BTC), marking a major shift in investor sentiment. The term Ethereum bull run is no longer just hype—it’s gaining traction with institutions and analysts alike.
Ethereum Gathers Steam
In a recent CNBC interview, Novogratz explained why he believes Ethereum is poised to outpace Bitcoin over the next three to six months. A key reason is ETH’s limited float—fewer coins available to trade—as well as mounting institutional interest. If Ethereum breaks above the psychological barrier of $4,000, he argues, it could enter what traders call “price discovery,” potentially accelerating toward new highs.
Currently trading around $3,700, Ethereum still sits about 25% below its all-time high of $4,800 reached in 2021. Bitcoin, on the other hand, has already surpassed previous records this cycle, topping $123,000. But despite this lead, Novogratz sees ETH narrowing the gap rapidly.
Institutions Eye Ethereum
The Ethereum bull run is being fueled by institutional moves. Companies such as SharpLink Gaming (NASDAQ:SBET) and BitMine Immersion Technologies (OTC:BMNR) are reportedly adding ETH to their corporate treasuries. This echoes early Bitcoin strategies by firms like Tesla and MicroStrategy, and it reflects a broader shift in how Ethereum is perceived.
Moreover, optimism around Ethereum spot ETFs is adding fuel to the fire. Novogratz notes that ETFs are a major gateway for institutional money, and Ethereum is now getting the kind of attention that was once exclusively reserved for Bitcoin.
Galaxy Digital’s Strategic Pivot?
Speculation is swirling about Galaxy Digital’s latest move. The firm recently shifted Bitcoin holdings tied to a Satoshi-era wallet to various exchanges. While the transaction raised eyebrows, some observers believe it signals a potential reallocation into Ethereum.
Though Galaxy has not confirmed a large-scale ETH buy, Novogratz’s public comments suggest growing confidence in Ethereum’s trajectory. “You’re seeing institutions getting interested in Ethereum just like they did with Bitcoin,” he said. “You combine that with limited float, and it’s a powder keg.”
ETH vs BTC: Not a Price Race, But a Percentage Game
Novogratz isn’t claiming that Ethereum will surpass Bitcoin in price per coin—that remains unlikely given BTC’s smaller supply. Instead, his bet is on percentage gains. With ETH trading at a fraction of Bitcoin’s price, smaller moves yield larger returns. That’s especially compelling for investors looking for short- to mid-term growth.
Recent market data supports this view. Ethereum has overtaken Bitcoin in trading volume on several major exchanges. It has also led ETF inflows over the past few weeks, suggesting growing confidence from both retail and institutional investors.
Ethereum Bull Run: What to Watch
As Ethereum edges closer to the $4,000 mark, all eyes are on whether it can sustain momentum and spark the next leg of this Ethereum bull run. For investors, the key indicators include:
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ETF approval developments in the U.S.
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Institutional wallet activity
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Trading volume vs. Bitcoin
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Technical breakouts above $4,000
If these elements align, Ethereum could not only match Bitcoin’s growth—it might lead the crypto charge into the next market cycle.
In the words of Mike Novogratz, “This could be Ethereum’s moment.”
For long-term investors, this moment could present a unique entry point before broader institutional adoption fully materializes. As Ethereum’s ecosystem continues to mature—with scaling solutions like Layer 2 networks, enterprise integration, and increasing developer activity—its use cases extend far beyond just a store of value. Decentralized finance (DeFi), NFTs, and smart contracts remain Ethereum’s strongest value drivers, setting it apart from Bitcoin. If the Ethereum bull run continues, it could redefine portfolio strategies for both retail and professional investors. Whether you’re a crypto veteran or new to the space, keeping Ethereum on your radar may prove to be a wise move.
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