Matrixport: Wall Street Funds Flow into Crypto Stocks, but Crypto Assets Do Not Strengthen in Tandem

Matrixport stated on Platform X that Circle's valuation has surged to $24 billion following a major IPO. In hindsight, the price at that time was undoubtedly a "bottom price." The success of this IPO has undoubtedly reignited Wall Street's enthusiasm for crypto concept stocks. Despite the considerable momentum, the overall crypto market has not shown the same level of enthusiasm. Data indicates that Bitcoin funding rates not only remain low but even fell into negative territory at one point. This may suggest that while some investors are going long on crypto concept stocks, they are simultaneously shorting Bitcoin to hedge risks. Regardless of the strategies investors adopt, this optimism in the public market has yet to be transmitted to the crypto assets themselves.