He pointed to the rise of ETH treasury holdings among companies, noting that capital is actively flowing into the asset while circulating supply remains limited — a setup that could favor ETH over BTC in the next three to six months. Ethereum is currently hovering near $3,756, up 4% on the day and inching closer to that $4,000 threshold.
Novogratz also highlighted that Ethereum’s role in the broader Web3 ecosystem gives it strong fundamental backing. With ETH staking, DeFi protocols, and tokenized assets gaining traction, he believes Ethereum is positioned as a core infrastructure layer that institutions are beginning to recognize as critical.
Despite this, he hasn’t shifted his stance on Bitcoin’s long-term trajectory. Novogratz reaffirmed a $150,000 price target, citing a favorable macro backdrop — particularly around interest rates and monetary policy. He cautioned that a sudden change in tone from President Trump or the Federal Reserve could stall that momentum, but until then, the upward trend seems intact.
For now, both assets appear to be benefiting from renewed interest across institutional channels, and Novogratz believes the next few months will be pivotal in determining which one leads the next leg of the crypto rally.
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