BlockBeats News, June 9th, Matrixport released its daily chart analysis stating, "Circle's blockbuster IPO has boosted its valuation to $24 billion — nearly $20 billion higher than what Coinbase was willing to pay just a month ago. Although in hindsight, that price was a bargain, the success of this IPO has undoubtedly reignited Wall Street's interest in crypto stocks.
However, despite the warming market sentiment, the overall crypto market has not shown the same enthusiasm. Bitcoin's funding rate remains low, even briefly turning negative. Some investors may be adopting a strategy of longing crypto stocks while simultaneously shorting Bitcoin as a hedge.
Regardless of the strategy, the current optimism is mainly still focused on the public stock market and has not yet been fully transmitted to the crypto assets themselves."
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