Matrixport: Wall Street funds flow into crypto stocks, but the crypto market has not strengthened simultaneously

ChainCatcher news, Matrixport released today's chart analysis stating, "Circle's heavy IPO has pushed its valuation up to $24 billion, nearly $20 billion higher than the acquisition price proposed by Coinbase a month ago. In hindsight, that quoted price was undoubtedly a 'bottom price.' The success of this IPO has undoubtedly reignited Wall Street's enthusiasm for crypto concept stocks.

Despite the impressive momentum, the overall crypto market has not shown the same level of enthusiasm. Data shows that the funding rate for Bitcoin not only remains low but even briefly fell into negative territory. This may indicate that some investors, while going long on crypto concept stocks, are hedging risks by shorting Bitcoin. Regardless of the strategies investors adopt, this optimistic sentiment in the public market has yet to translate to the crypto assets themselves."