Matrixport stated on X platform that Circle's IPO has been valued at $24 billion, a significant increase from the acquisition price proposed by Coinbase a month ago, exceeding it by nearly $20 billion. Looking back, the price at that time was undoubtedly a "bottom price." The success of this IPO undoubtedly reignited Wall Street's enthusiasm for cryptocurrency concept stocks.

Despite the impressive momentum, the overall cryptocurrency market has not shown the same level of heat. Data shows that the Bitcoin funding rate has not only remained low but even dropped to negative values at one point. This may indicate that some investors, while going long on cryptocurrency concept stocks, are hedging risks by shorting Bitcoin. Regardless of the strategy investors choose, the optimism in the public market has not yet transferred to the cryptocurrency assets themselves.