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Matrixport: Lack of Institutional Participation in Cryptocurrency Stocks, Short-term Price Likely to Further Consolidate
Summary: According to reports from Matrixport, cryptocurrency stocks are entering a consolidation phase after a strong 18-month rally. Over the past 18 months, the cryptocurrency stock index has outperformed Bitcoin significantly, but with recent pullbacks in leading companies like MicroStrategy, Coinbase, and Metaplanet, signs of a correction are emerging. The cooling of buying interest after Circle's ...
According to reports from Matrixport, cryptocurrency stocks are entering a consolidation phase after a strong 18-month rally. Over the past 18 months, the cryptocurrency stock index has outperformed Bitcoin significantly, but with recent pullbacks in leading companies like MicroStrategy, Coinbase, and Metaplanet, signs of a correction are emerging. The cooling of buying interest after Circle's listing further confirms the lack of momentum in the new stock market.
Analyst Markus Thielen stated that the current lack of institutional participation may reflect seasonal weakness in the summer. Without significant support from major cryptocurrency IPOs, prices may further consolidate in the short term.
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Link: Matrixport: Lack of Institutional Participation in Cryptocurrency Stocks, Short-term Price Likely to Further Consolidate [Copy]
