Matrixport: Wall Street money is pouring into crypto stocks, but crypto assets are not strengthening in tandem

Matrixport wrote on the X platform that Circle's valuation has risen to $24 billion with its blockbuster IPO, which is nearly 20 billion higher than the proposed acquisition price of Coinbase a month ago. In hindsight, the offer at that time was undoubtedly the "bottom fishing price". And the success of this IPO has undoubtedly rekindled Wall Street's enthusiasm for crypto stocks.
Despite the momentum, the crypto market as a whole has not shown the same enthusiasm. Data show that bitcoin funding rates have not only remained low, but even fell to negative levels at one point. This may mean that some investors are hedging their risks by shorting bitcoin while they are long crypto stocks. Whatever the strategy, this optimism in the public market has not yet been transmitted to the crypto assets themselves.