#牛市 may still have 5 months left
Let's talk about the recent hot topics in the cryptocurrency space
1. US stocks clustering around 'MicroStrategy imitation'
• What is 'MicroStrategy imitation'? Simply put, it is the practice of mimicking the model of the publicly traded company MicroStrategy by purchasing Bitcoin in the company’s name, positioning itself as a 'Bitcoin concept stock' to attract retail investors to buy the stock.
• Why the clustering? Because the market loves to hype Bitcoin themes; this model has traffic, speculative space, and corporate valuations can rise as a result.
• The essence: These companies are not genuinely operating any core business; rather, they are packaging themselves with 'Bitcoin' and exploiting investor sentiment toward BTC to grab attention.
2. USDC issuer (Circle) raises funds for listing, valued at 7 billion USD
• Circle is the issuer of the USDC stablecoin, which is one of the dollar-pegged cryptocurrencies, commonly used for transfers, DeFi collateral, trading intermediaries, etc.
• Circle is now preparing for an IPO, with a valuation estimated at 7 billion USD.
• The issue is: USDC growth has already slowed down, the overall growth of the stablecoin market has stagnated, and Circle's choice to raise funds for listing at this time seems akin to 'cashing out at a high point.'
3. Pump project raises 1 billion, issues tokens, valued at 4 billion
• Pump is a newly emerging crypto project that has yet to deliver substantial results but has already raised 1 billion, directly valued at 4 billion for token issuance.
• This 'first tell a story, first raise money, then develop' model is a common tactic from the last bull market—using money to generate heat and pushing token prices with that heat.
• It appears to be a 'great development,' but it is very likely a 'cash-out.'
In summary: These hot events may be the market's 'last hurrah.'
From these three occurrences, it can be seen that certain capital in the crypto market is:
• Attracting traditional stock investors with Bitcoin narratives (imitation)
• Packaging stablecoin business for listing (overvaluation cash-out)
• Creating hype for token issuance through large-scale financing (creating bubbles)
These seem like 'the starting point of a bull market,' but if there are no fresh funds continuously entering, this could very well be the last wave of capital 'cashing out and running away.' Referencing the previous bull market, after Coinbase's listing, the bull market entered its final frenzy phase, ending in less than 5 months.
