Is Crypto’s Historic Run Over? | Bloomberg Crypto 2/3/2026

Watch on YouTube ↗  |  February 03, 2026 at 19:35  |  44:39  |  Bloomberg Markets
Speakers
Mike Novogratz — CEO, Galaxy Digital
Bob Diamond — CEO, Atlas Merchant Capital; Chairman, Hyperliquid Strategies; former Barclays CEO
Monique — Bloomberg Equities Reporter
James Gorman — Chairman of the Board, The Walt Disney Company
Summer Mersinger — CEO, Blockchain Association; former CFTC Commissioner
Emily Mason — Crypto and Finance Reporter, Bloomberg News
Norah Mulinda — Market Reporter, Bloomberg
Scarlet Fu — Anchor, Bloomberg Television

Summary

Bloomberg Crypto reviews the sharp start-of-year crypto selloff and debates whether the market is near a bottom. Mike Novogratz sees Bitcoin in a $70,000-$100,000 range and highlights Galaxy Digital's data center value and crypto infrastructure growth. Bob Diamond pitches Hyperliquid/HYPE and broader blockchain adoption, while Summer Mersinger and Emily Mason discuss market-structure legislation. Monique explains why crypto exchange stocks are under pressure, and the show also covers geopolitical market moves and equity headlines including Disney, PayPal and Novo Nordisk.

  • Bitcoin fell to around $76,000, extending a drawdown from October and reinforcing crypto-winter sentiment.
  • Mike Novogratz said Bitcoin may be near a bottom in a $70,000-$100,000 range and sees catalysts in a market-structure bill and Warsh repricing.
  • Novogratz said Galaxy Digital's data center business is booming, now worth more than its crypto business, and the stock looks cheap.
  • Novogratz also sees continued crypto infrastructure growth but says legacy tokens lack support.
  • Bob Diamond is bullish on Hyperliquid/HYPE, citing revenue, token buybacks, deep liquidity and real-world asset trading; he also discussed Hyperliquid Strategies.
  • Summer Mersinger and Emily Mason discussed the market-structure bill and the stablecoin rewards dispute.
  • Monique said crypto exchange shares such as Coinbase, Bullish and Gemini Space Station are hurt by falling volumes and may stay depressed.
  • Midday movers included Disney, PayPal and Novo Nordisk; Disney Chairman James Gorman called Disney cheap at 15 times earnings.
Ideas
Mike Novogratz CEO, Galaxy Digital 3:01
Bitcoin near bottom in 70-100K range
Novogratz says Bitcoin has fallen from $130K to around $76K, with lots of leverage flushed out and sentiment very pessimistic. He sees $70K-$100K as the likely new range and thinks Bitcoin is at the bottom end of that range and closer to spring than winter, with catalysts including a crypto market-structure bill and a possible dovish repricing of Kevin Warsh.
BTC MED
Mike Novogratz CEO, Galaxy Digital 6:34
Galaxy cheap versus booming data center
Novogratz says Galaxy Digital's data center business is booming and now worth more than its crypto business. It has 530 MW of power approved in Texas and is engaging potential tenants. He says the stock trades very cheap relative to the data center business, book value and crypto business, and the company could take actions such as a spin-off if the market keeps penalizing it.
GLXY HIGH
Mike Novogratz CEO, Galaxy Digital 6:50
Crypto infrastructure remains in bull market
Novogratz says there is still a bull market in crypto infrastructure. Traditional banks and finance companies are moving into digital assets quickly, creating opportunities in wallets, staking, tokenized real-world assets, stablecoin volumes and on-chain credit, and Galaxy is leaning into those businesses.
Crypto Infrastructure MED
Mike Novogratz CEO, Galaxy Digital 7:27
Legacy crypto tokens lack support, energy
Novogratz says the old version of crypto, meaning the tokens that exist today, no longer has the same support, appreciation or energy. Selling has dominated buying and some energy has shifted toward infrastructure and real-world asset applications, making legacy tokens relatively unattractive.
Crypto tokens MED
Bob Diamond CEO, Atlas Merchant Capital; Chairman, Hyperliquid Strategies; former Barclays CEO 25:14
HYPE: revenue-backed Hyperliquid exchange token
Diamond is bullish on Hyperliquid and its native token HYPE. He describes Hyperliquid as a fast, deeply liquid, on-chain Layer 1 built for exchanges; HYPE as similar to equity in a business, valued on revenue and volumes; revenue near $1B with only 11 employees; 97% of income used to buy back tokens like a share buyback; and real-world assets such as silver, gold, equities and SpaceX trading on the platform as a sea change. HYPE rose about 40% while Bitcoin and Ethereum fell over the prior seven days.
HYPE HIGH
Bob Diamond CEO, Atlas Merchant Capital; Chairman, Hyperliquid Strategies; former Barclays CEO 28:23
Blockchain becoming finance infrastructure
Diamond says institutional blockchain adoption is real. Major banks including JPMorgan, Bank of America, BNY, State Street and Barclays are investing in blockchain and developing use cases; he expects blockchain to become the most prevalent infrastructure in finance over the next five to 10 years.
BLCN MED
James Gorman Chairman of the Board, The Walt Disney Company 34:08
Disney cheap at 15x earnings
Gorman says Disney trades at 15 times earnings, which he calls nuts, and argues very few companies have Disney's quality of assets. He is excited about Disney's prospects over the next several years, supporting a bullish view on the stock despite the CEO transition.
DIS HIGH
Monique Bloomberg Equities Reporter 42:58
Crypto exchanges hurt by falling volumes
Monique says crypto-related exchange stocks are under pressure because crypto prices and trading volumes have plunged, hitting transaction-fee revenue. Coinbase and Bullish are down more than 40% over three months and Gemini Space Station is down close to 60%; Q4 transaction revenue could be down as much as 40%. She says the downturn may take six to nine months to recover and exchanges may stay depressed until market-structure legislation passes.
COIN BLSH GEMI HIGH
Up Next
1:27:09
Palantir's Pop, Musk's Trillion Dollar Deal, Disney's Next Act | Open Interest 1/3/2026
Bloomberg Markets · Feb 03
7:41
More Real World Assets Are Coming On Chain: Diamond
Bloomberg Markets · Feb 03
1:40
SpaceX takes on xAI cash burn after merger
CNBC · Feb 03
33:04
Squawk Pod: Musk’s Mega-Merger, Disney’s New CEO, & Patriots CEO Bob Kraft - 02/02/26 | Audio Only
CNBC · Feb 03
21:46
Silver ‘Nowhere Near A Peak’ Says CEO Who Called Rally; Is $300 Next? | Shawn Khunkhun
The David Lin Report · Feb 03

This Bloomberg Markets video, published February 03, 2026, features Mike Novogratz, Bob Diamond, James Gorman, Monique discussing BTC, GLXY, Crypto Infrastructure, Crypto tokens, HYPE, BLCN, DIS, COIN, BLSH, GEMI. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Novogratz, Bob Diamond, James Gorman, Monique  · Tickers: BTC, GLXY, Crypto Infrastructure, Crypto tokens, HYPE, BLCN, DIS, COIN, BLSH, GEMI