While U.S. stock markets surge and new initial public offerings (IPOs) experience a boom, Bitcoin remains steady. Since May 22, the world’s largest cryptocurrency has failed to break its previous high, yet it continues to hold investor attention.
🔹 IPOs Are Booming, Bitcoin Holds Steady
In contrast to explosive gains among newly listed companies and historic highs in the S&P 500, Bitcoin is going through a calm phase. Its price has stayed in a tight range for several weeks—but that hasn’t discouraged institutional investors.
According to Adam Parker, founder of analytics firm Trivariate Research, Bitcoin's behavior is starting to resemble that of “high-quality growth stocks.” He notes that its volatility has decreased and that it no longer mimics speculative “junk” assets, but rather established companies with long-term potential. “Bitcoin is trading differently than it used to,” Parker said.
🔹 ETFs Attract Billions Despite Price Stagnation
One of the clearest signs of institutional confidence is the iShares Bitcoin Trust (IBIT), which attracted over $4 billion in inflows over the past 30 days—even though Bitcoin’s price barely moved. This highlights the growing integration of Bitcoin into the traditional financial system, especially through products like ETFs and advisory services.
Parker also shared a long-term perspective: “There are now far more millionaires on Earth than there are bitcoins.” He believes this imbalance between rising global wealth and Bitcoin’s fixed supply could drive future demand and price growth.
🔹 The Crypto Market Thrives Beyond Bitcoin
While Bitcoin maintains its footing and institutional capital flows into ETFs, the broader crypto market is seeing fresh speculation. A prime example is Circle Internet Group, which went public at $31 per share and has since surged nearly 500%. Yet, caution remains. JPMorgan analyst Kenneth Worthington gave Circle an underweight rating—even though JPMorgan itself helped manage the IPO. This contradiction highlights ongoing skepticism around newer crypto-related companies.
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