Matrixport: Wall Street funds poured into crypto stocks, but the crypto market did not strengthen synchronously

Odaily News Matrixport released a chart today saying that Circle's valuation has been pushed up to $24 billion thanks to its blockbuster IPO, nearly $20 billion higher than the acquisition price proposed by Coinbase a month ago. In hindsight, the offer at that time was undoubtedly a "bottom-fishing price". The success of this IPO has undoubtedly rekindled Wall Street's enthusiasm for crypto stocks.
Despite the impressive momentum, the crypto market as a whole has not shown the same enthusiasm. Data shows that Bitcoin funding rates not only remain low, but even fell to negative values at one point. This may mean that some investors are hedging their risks by shorting Bitcoin while going long on crypto stocks. Regardless of the strategies adopted by investors, this optimism in the open market has not yet been transmitted to the crypto assets themselves.