Deep Tide TechFlow News, on June 9, Matrixport released today's chart analysis stating, "Circle, leveraging a blockbuster IPO, has seen its valuation rise to $24 billion, nearly $20 billion higher than the proposed acquisition price from 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.

Although the momentum is impressive, 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 suggest 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.”