Mike Novogratz, CEO of Galaxy Digital, has expressed concern about the lack of institutional excitement in the crypto market, leading to a lackadaisical atmosphere. While retail buyers provide some stability, the absence of large-scale buyers is worrying.

Novogratz believes that two developments in Asia, including WeChat offering Bitcoin price quotes and Hong Kong allowing retail customers to trade crypto on regulated exchanges, may help shift the tide.

Tommy Honan, head of product strategy at Swyftx, agrees that institutional activity levels are muted, but expects a strong price recovery when large firms decide to jump back in.