PANews reported on June 9 that according to Matrixport analysis, Circle's blockbuster IPO has pushed its valuation to $24 billion, far higher than Coinbase's proposed acquisition price a month ago, which was considered a "bottom-fishing price". The success of this IPO has once again ignited Wall Street's enthusiasm for crypto stocks.

However, compared with the strong performance of crypto stocks, the overall crypto market has not shown the same heat. Data shows that the Bitcoin funding rate not only remains low, but even fell to negative values. This indicates that some investors may hedge their risks by shorting Bitcoin while going long on crypto stocks.

Although public market sentiment is optimistic, this sentiment has not yet been fully transmitted to crypto assets themselves, and market heat still needs further observation.