ChainCatcher message, according to Cointelegraph, Galaxy Digital CEO Mike Novogratz stated that the trend of companies allocating crypto assets as reserves has peaked. He believes that future growth will come from the continued investment of existing participants and long-term ecosystem integration, rather than new institutions entering the market.

Novogratz's statement comes as July data shows institutions increased their holdings by 166,000 bitcoins, with a total holding value of 42.8 billion dollars.