The current market environment still sees the stocks of publicly listed companies holding cryptocurrencies rising. Although Circle's stock price finally dipped a bit last night, the market's focus and money have long since shifted from directly buying coins to buying these related stocks.

Last night, Coinbase's stock soared because it announced that it is helping 200 banks and financial institutions worldwide with cryptocurrency-related businesses. This news caused COIN to jump 13%, reaching a new high. There were also several examples last night: Eyenovia, a listed company holding Hype coins, saw its stock price surge by 65% overnight, and Nano Labs, which holds BNB coins, saw its stock price jump from $10 to over $30, although it did dip back a bit after the U.S. stock market opened, it still ended up nearly 40% higher.

So far, more than 20 publicly listed companies have announced holdings in Bitcoin, 3 in Ethereum, 4 in SOL, 2 in Hype, and 1 each in TRX, FET, and BNB. By looking at the stock price charts of these companies, you'll find that their trading volume and prices have recently surged significantly, which was not the case before.

In the future, there may also be ETF funds specifically investing in altcoins, which is similar to buying coin stocks; it allows outside investors to buy these coins through the stock market. Currently, outside money is concentrated in the stock market to buy these coin stocks or potential future altcoin ETFs, which means that this money has not directly entered the cryptocurrency exchanges.

This explains why most altcoins directly traded on exchanges have not seen much increase during this bull market. The money flowing in through the stock market does not care about, or even know about, the many other altcoins on the exchanges, so they certainly won't be buying them.

On the flip side, the coins that have seen some activity on exchanges lately are mostly related to these coin stocks. For example, SEI, which has been showing unusual movement recently, is because Circle holds it. Additionally, Circle has clearly stated that it holds APT, SUI, ZRO, and OP, which are also worth keeping an eye on to see if there are signs of unusual movement.