"Weak buying trend for crypto asset stocks… Sideways movement likely↑"

Son Min

Summary

Matrixport stated that the crypto asset stock index has recently turned downward following a correction.
It was reported that after Circle's IPO, buying momentum for crypto asset stocks weakened and the overall upward momentum of listed stocks diminished.
With no major crypto asset company IPOs anticipated, the possibility of a sideways movement for the crypto asset stock index is expected to be high.

An analysis has suggested that the possibility of a sideways movement for the crypto asset (cryptocurrency) stock index is high.

On the 20th (local time), Matrixport stated in a report, "Over the past 18 months, the crypto asset stock index has significantly outperformed Bitcoin returns," but also noted, "Recently, as crypto-related stocks underwent a correction, the index has shifted downward."

In particular, it was pointed out that the buying momentum for crypto asset stocks weakened after the IPO of Circle. The report said, "Since Circle's IPO, the overall upward momentum of listed stocks has diminished," adding, "This reflects reduced institutional participation and seasonal factors." Furthermore, it stated, "With no upcoming major crypto asset company IPOs, the crypto asset stock index is likely to move sideways."

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