Bitcoin Surpassed $105,000: Is it a Sustainable Rally or a Temporary Effect of the IPO Wind?
Attention in the cryptocurrency market has turned once again to Bitcoin. BTC, along with the IPO moves of leading crypto companies like Circle, has risen above the $105,000 level to reach a new peak. However, the sustainability of this rise is questioned, especially depending on the horizontal market pace of the summer months.
On June 13, 2025, a post made by Matrixport via its X (formerly Twitter) account raised the question of whether this rise is the beginning of a real bull market or a temporary excitement due to IPOs. It is stated that the billions of dollars in IPO plans could pump new liquidity into the market, but this flow also carries the risk of being pulled back at the same speed.
Dynamics Behind the Rise: Wall Street and IPO Motivation
During a Matrixport presentation I attended in Hong Kong in February, I thought that 2025 offered strong incentives for Wall Street to keep Bitcoin at high levels. Today, this prediction is almost coming true with the materialization of IPO plans. While investor appetite is rising, banks are also earning significant revenues from advisory and IPO services.
Bitcoin's upward trend supports individual purchases and increases market confidence, further reinforcing this scenario.
Players in the IPO: Circle, Galaxy Digital, Gemini, and More
Among the 12 companies in the current IPO queue, Circle and Galaxy Digital have already started trading on the exchange. Especially Circle has surpassed its previously estimated valuation of $7.9 billion, reaching a market value of $23.5 billion.
Among those applying to this list are strong names like Gemini (with a $10.5 billion valuation target) and Bullish (with a $13.5 billion target). Kraken is also on the agenda to go public by the end of 2025 or the beginning of 2026; the company's estimated valuation is about $16.2 billion.
Technical Uncertainty: Where is the Price Heading?
The sustainability of Bitcoin remaining above $105,000 is still technically debatable. Especially with Circle shares trading at an excessively high P/E ratio of 340, it raises questions about investors' excessive optimism. For comparison, Coinbase trades at 42, Galaxy Digital at 40, and Robinhood at 41 P/E ratios — meaning Circle is significantly overvalued compared to the average.
This inevitably raises the possibility of a bubble risk.
Alternative Investment Channels and Expectations for the Summer Months
Still, IPOs offer alternative ways for those who do not want to invest directly in Bitcoin. This indirectly supports BTC. Last Friday, the intense buying demand for Circle shares allowed Bitcoin to test the levels of $106,000 and then $109,000.
However, the expectation that the coming summer months will be calmer indicates that this upward momentum may experience a temporary pause.
Wall Street Interest is Rising: BTC Gains More Visibility
All this IPO activity continues to keep Wall Street's interest in cryptocurrencies warm. The increasing visibility in the media, the published investor reports, and analyst comments indicate that Bitcoin will stand out even more in the coming months.
This perspective could strengthen BTC's integration with traditional finance and open new opportunity windows for long-term investors.
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