PANews reported on June 9 that according to Matrixport's analysis, Circle's valuation has been pushed to $24 billion through a heavyweight IPO, far higher than Coinbase's proposed acquisition price a month ago, which was considered a "buy the dips" price. The success of this IPO has once again ignited Wall Street's enthusiasm for crypto concept stocks.
However, compared to the strong performance of crypto stocks, the crypto market as a whole has not shown the same level of heat. Data shows that Bitcoin's funding rate not only remained low but even dropped to negative values. This indicates that some investors may be hedging risks by shorting Bitcoin while going long on crypto concept stocks.
Despite the optimistic sentiment in the public market, this sentiment has not yet fully translated to crypto assets themselves, and market enthusiasm still needs further observation.
