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BlockBeats News, January 21st, According to the Financial Times, Mike Novogratz's cryptocurrency group Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has received $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from digital asset price volatility. It is reported that the fund will allocate up to 30% of its assets to cryptocurrency tokens, with the rest invested in financial services stocks influenced by digital asset technology and regulation. Galaxy has stated that it will provide seed investment for the fund. Currently, Galaxy manages $17 billion in digital assets. The hedge fund's manager, Joe Armao, stated that the fund can profit from selecting disruptors in the financial services sector and distinguishing between good and bad companies.

According to Odaily, Galaxy, the cryptocurrency group led by Mike Novogratz, plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already secured $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from the price volatility of digital assets. The fund will invest up to 30% of its assets in crypto tokens, with the remainder allocated to financial services stocks influenced by digital asset technology and regulations. Galaxy stated it will provide seed investment for the fund. Currently, Galaxy manages $17 billion worth of digital assets. Joe Armao, the head of the hedge fund, said the fund can profit from identifying disruptors and outperformers in the financial services sector. The current bitcoin price is around $90,000. (FT)

Glassnode stated that the structure of XRP holders is beginning to resemble that of early 2022, with new demand falling below the cost basis of long-term wallets, and recent buyers may be under pressure.