ETH to Lead BTC Over Next 6 Months, Says Galaxy CEOIn a bold forecast that has reignited the debate over crypto market leadership, Galaxy Digital CEO Mike Novogratz stated that Ethereum (ETH) is poised to outperform Bitcoin (BTC) over the next six months, citing improving fundamentals, institutional tailwinds, and critical network upgrades.
Novogratz, a long-time crypto advocate with deep ties to both traditional finance and blockchain innovation, made the statement during an interview at the Digital Asset Summit in New York, sparking renewed discussion about the shifting dynamics between the two largest digital assets by market capitalization.
Ethereum’s Evolving Investment Case
“Ethereum is becoming more than just a smart contract platform,” said Novogratz. “It’s evolving into a foundational layer for the future of finance.”
This confidence is underpinned by Ethereum’s transition to proof-of-stake, reduced energy consumption, and growing usage of Layer 2 scaling solutions like Arbitrum and Optimism. These developments, Galaxy argues, have made Ethereum more attractive to institutional investors who previously stayed away due to scalability concerns and environmental critiques.
Stronger Fundamentals, Expanding Utility
Ethereum’s network revenue—driven by transaction fees and on-chain activity—has consistently outpaced competitors. According to Galaxy’s internal research, Ethereum generated over $2.1 billion in protocol revenue in the first half of 2025, compared to just under $1.5 billion for Bitcoin.
Additionally, the rise of real-world asset (RWA) tokenization, DeFi resurgence, and the adoption of Ethereum-based stablecoins by traditional finance platforms have significantly enhanced ETH’s long-term value proposition.
“Ethereum is no longer a tech experiment. It’s infrastructure,” Novogratz stated.
Bitcoin Still Dominates, But ETH Momentum Grows
While Novogratz remains bullish on Bitcoin, he emphasizes that BTC is now more of a macro hedge than a dynamic growth asset. With institutional investors already heavily exposed to Bitcoin via spot ETFs, the marginal capital over the next cycle may shift toward Ethereum, particularly as ETH-based ETF products gain traction.
“Bitcoin remains the king of store-of-value assets in crypto. But Ethereum is where innovation and yield are happening,” Novogratz added.
Six-Month Outlook
Galaxy projects that ETH could outperform BTC by 20–30% in the second half of 2025, driven by upgrades like Proto-Danksharding, expanding Layer 2 activity, and Ethereum’s role in cross-chain interoperability.
Novogratz also hinted that Galaxy is allocating more capital into Ethereum-based venture projects and staking infrastructure, in anticipation of a “second-layer boom” later this year.
Conclusion
While Bitcoin remains the undisputed anchor of the crypto economy, Ethereum’s expanding utility, institutional relevance, and revenue-generating capabilities position it to lead performance in the near term.
