Mike Novogratz, founder and chief executive of Galaxy Digital, who believes that Ethereum has failed to keep pace with other cryptocurrencies such as Bitcoin and Solana, said in an interview: "The market sentiment for Ethereum is extremely pessimistic. I think the biggest reason is Gensler's vague definition of ETH, he sued Consensys, is ETH a security? So there is some regulatory pressure on Ethereum." Discussing the investment narrative of Ethereum and how it differs from Bitcoin, Novogratz said that since President Donald Trump spoke at the Bitcoin 2024 conference last summer, Bitcoin has attracted increasing media attention. "Most of the market cap of Ethereum at the moment is a store of value, but it's the story of web3 that gets people's attention," he said. "The reality of all crypto ecosystems is that stories create enthusiasm, and enthusiasm creates value."