According to online reports, Matrixport posted on Platform X that Circle's valuation has been pushed to US$24 billion with its massive IPO, which is nearly 20 billion higher than Coinbase's proposed acquisition price a month ago. Looking at it in hindsight, the price quoted at that time was undoubtedly a "bargain price". The success of this IPO has undoubtedly rekindled Wall Street's enthusiasm for crypto concept stocks. Despite considerable momentum, the crypto market as a whole has not shown the same popularity. Data shows that Bitcoin funds rates not only remained low, but even fell to negative values for a time. This may mean that some investors are hedging risks by shorting Bitcoin while being long in crypto stocks. No matter what strategy investors adopt, this optimism in the open market has not yet been transmitted to the crypto assets themselves.