Crypto may not be struggling because the technology has stopped developing. According to Galaxy Digital CEO Mike Novogratz, the bigger problem right now is that the market has lost the attention of speculative traders.

The traders who once chased Solana and other high-flying crypto assets are now looking for excitement elsewhere. “Every young kid that used to buy Solana is buying Hynix or some memory company,” Novogratz said. He pointed to the growing interest in semiconductor stocks and other hot trades.

He also added sports betting, same-day options and Korean stocks as areas that have absorbed much of the speculative energy. This energy once flowed into crypto.

Crypto Has Lost Its “Vibe”

Novogratz compared the current market…