Bitcoin’s selloff is rarely a single-cause event. But according to Galaxy Digital CEO Mike Novogratz, the current slump has a very specific driver—a loss of faith in the corporate treasury strategy that once defined this cycle. As detailed in a WuBlockchain report, Novogratz told market participants that “a MicroStrategy-led breakdown in confidence around that complex” is behind the recent decline, fuelling what he described as “a crisis of confidence in Bitcoin.” Alongside hawkish U.S. monetary policy and souring crypto sentiment, the Galaxy Digital chief warned that a decisive move below the $60,000–59,000 support zone could open the door to $45,000.