As for how Galaxy Digital (GLXY) and others might navigate the next bull market, Novogratz says you have to "fight the urge to be so greedy." Those who entered Luna early enough had an easy return of 300X, he said, and that is not the reality in the markets. "When ecosystems are going very fast, there's a reason for that. Know what you're investing in. You won't get 18% for free."