市场开始意识到加密股票正在摆脱比特币的平淡表现，公开上市加密公司的总市值现已超过 3000 亿美元，机构资本正在进行方向性押注。Circle 备受关注的 IPO、Robinhood 的加密货币收入激增都在指向结构性转变，散户投资者因比特币价格过高而放弃直接买入，转而通过更便宜的加密股票追逐持有比特币敞口。虽然 Circle 估值看似较高，但其 IPO 的成功反映了监管清晰度增加带来的强烈需求，简单回归分析显示，Coinbase 股价目前比公允价值低 18%。Robinhood 保持强劲上升趋势，Galaxy Digital 也可能被低估。
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