When Galaxy Digital's earnings report skyrocketed 268 times like a rocket, the entire crypto market was left wondering: Is this the peak of a bubble, or the starting point of a bull market?

Why is Galaxy Digital so impressive?

Simply put, Galaxy Digital made a killing this quarter, with revenue skyrocketing 268 times, mainly driven by three factors:

Bitcoin ETF market making: It helps institutional clients buy and sell Bitcoin, handling 80,000 BTC (worth $9 billion) in July alone, and the market surprisingly didn't collapse, indicating an astonishing depth in over-the-counter (OTC) trading.

AI computing power business: Signed a 15-year contract with CoreWeave to rent servers for AI companies, expected to earn $4.5 billion, directly competing with NVIDIA.

RWA (Real Asset Tokenization): For example, moving U.S. Treasury bonds and real estate onto the blockchain, one of the hottest tracks this year.

Personal opinion:
This company is a bit like the 'crypto version of Goldman Sachs', doing investment banking, trading, and mining, and now even taking jobs from AI and traditional finance. But the question is—can its growth be sustained? If the inflow of funds into Bitcoin ETFs slows down, or if the demand for AI computing power decreases, the stock price could instantaneously revert.

2. Impact on the crypto market

Bitcoin ETFs will become even more popular.
Galaxy is the core market maker for Bitcoin ETFs. Its significant earnings indicate that institutional funds are still pouring in crazily. If the U.S. SEC approves more crypto ETFs next, BTC could surge to $120,000.

Is the altcoin season coming?
Galaxy's earnings report shows that institutions are not only buying BTC but are also secretly hoarding ETH. This could be a signal—funds are starting to flow into altcoins like Ethereum, SOL, and BNB.

OTC trading becoming mainstream
The ability to quietly sell 80,000 BTC OTC indicates that large institutions now prefer 'behind-the-scenes operations' rather than openly trading on exchanges. In the future, retail investors may only see a 'tip of the iceberg' in market fluctuations.

Risk warning

Short-term bullishness exhausted: After Galaxy's earnings report is released, if the data falls short of expectations, it may trigger sell-offs.

Regulatory uncertainties: With the U.S. elections approaching, cryptocurrency policies may fluctuate, such as the SEC suddenly cracking down on ETFs.

Technical indicators are overbought: Bitcoin is now over $110,000 and faces significant short-term correction pressure, so don’t blindly chase the highs.

Is Galaxy Digital's crazy growth a 'shot in the arm' for the crypto market, or just a 'flash in the pan'?