In the past week, the cryptocurrency market has shown a rather subtle pattern of differentiation: on one side, cryptocurrency concept stocks represented by Circle have surged, igniting enthusiasm in the capital markets; on the other side, mainstream crypto assets like Bitcoin have continued to fluctuate under the pressure of geopolitical storms, facing short-term challenges. This phenomenon of "off-chain heat, on-chain cold" is revealing a quietly occurring shift in investment preferences: the capital market is beginning to shift its focus from the assets themselves to those "water sellers"—crypto technology companies that provide infrastructure and compliance solutions.
Circle's listing is undoubtedly a significant event in the recent crypto market. As the issuer of the USDC stablecoin, Circle has always built a bridge between compliance and traditional finance. After undergoing multiple rounds of regulatory stress tests, the company has finally achieved capitalization and entered the public market. This is seen not only as a sign of the "mainstreaming" of the stablecoin sector but also interpreted as a kind of "endorsement signal" released by regulators for compliant crypto enterprises.
Since its listing, Circle's stock price has rapidly increased, boosting the overall sentiment in the crypto concept sector. Related companies in the U.S. stock market, such as Coinbase, Marathon Digital, and MicroStrategy, have also strengthened. These companies share a common characteristic: they do not directly issue tokens but are highly correlated with crypto assets and possess clear profit models, compliance paths, and financial reporting capabilities.
The capital market's enthusiasm for such companies is partly due to their dual attributes of "blockchain narrative" and "financial certainty," making them a "certainty option" in the crypto narrative.
In contrast to the heat of concept stocks, crypto assets themselves have been suppressed by uncertainties at the macro level. In the past week, influenced by multiple geopolitical events, Bitcoin's price experienced a significant pullback, and market risk aversion increased. Once referred to as "digital gold," Bitcoin has not demonstrated ideal hedging capabilities in practice, instead becoming a hotspot for volatility at critical moments.
This phenomenon essentially reflects that the market's "financial product perception" of crypto assets still outweighs their "hedging asset perception." Especially in an environment where short-term geopolitical risks are frequent and the Federal Reserve's policy direction is unclear, institutional funds are more inclined to temporarily avoid high-volatility assets and instead choose "crypto-like, non-coin" investment paths.
Stablecoin issuers, crypto trading platforms, mining companies, and on-chain data companies are becoming new "anchor points" for traditional funds.
This change in capital flow is not an isolated phenomenon. From the approval of Bitcoin spot ETFs at the beginning of the year to Circle's successful entry into the capital market, the message conveyed is clear: the crypto market is moving towards a form that is compliant, transparent, and acceptable to traditional finance. Traditional capital is also redefining the "crypto tracks" they are willing to support.
In this process, investors are gradually realizing that rather than directly facing the unclear regulations and high volatility of on-chain assets, it is better to bet on those crypto technology companies that have already gained institutional acceptance, can tell a story, and provide profits. The stock prices of such companies not only benefit from long-term industry trends but are also likely to attract short-term capital from financial markets.
Circle's surge is a landmark event, but it is not an isolated case. In the future, if more infrastructure-type companies (such as Chainalysis, Ledger, Fireblocks, etc.) go public, "buying crypto may be less favorable than buying crypto stocks" could become a new investment mindset.
Of course, it is worth noting that this structural shift in market preferences may also trigger a new "expectation bubble." As more and more funds chase crypto concept stocks, whether valuations can continue to match the real business growth will become a new risk point. Once the industry's fundamentals fluctuate or the macro environment tightens again, these "off-chain targets" will also find it difficult to remain unscathed.
However, at least at the current stage, crypto concept stocks provide a "middle path": enjoying the dividends of blockchain innovation while avoiding the high volatility risks of pure cryptocurrencies. This strategy is highly attractive to conservative funds and may become a "testing point" for traditional institutions entering the crypto market.
Circle's listing is not an isolated event but a microcosm of the overall reassessment of the crypto market structure. As more infrastructure companies come to the forefront, the narrative of the crypto track is gradually shifting from "speculation to industry," from "on-chain myth" to "off-chain visible" business logic.
The capital market is also sending a clear signal: what is truly worth betting on may not necessarily be the next coin that surges, but those companies that build this world and are willing to accept regulatory scrutiny.
Related: Investors have earned nearly $30 million from Bitcoin (BTC) purchased in 2013.
Original: “Crypto Concept Stocks Attract Capital Against the Trend, Capital Shifts to Off-Chain 'Certainty'”
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