jakiro
Author: Bright, Foresight News
Will the copycat season come again?
This is a question for almost all crypto players.After all, in the last bull market from 2020 to 2021, few people shouted All in BTC, and there were many altcoins that were 5 times higher during DeFi Summer.The total market value of cryptocurrencies soared from about $200 billion in January 2020 to just over $3 trillion in November 2021.It can be said that 90% of the people who really won the turnaround in this bull market are fans of altcoins.
However, the cruel reality is that new assets will definitely come, and it is no longer possible for the explosion of the copycat season of Kezhou Juejian to break out in reality.
The defeated altcoin army
As many people are still waiting for the copycat season, four years later, the crypto industry has actually quietly approached the end of the bull market.From 2024 to mid-2025, the total market value of cryptocurrencies has actually increased by 130%.
On November 15, 2021, the highest point of BTC was around US$69,000, and the highest point of total market capitalization of cryptocurrencies was about US$3 trillion; on July 14, 2025, the highest point of BTC was US$123,091, and the highest point of total market capitalization of cryptocurrencies was about US$3.91 trillion.
On the contrary, including the garbage Memecoin that flocked to issue during the Meme tide, there are already millions of altcoins on the chain.In this round, the altcoin suffered a major defeat.
In this regard, maybe we can only say one thing: Sorry, we failed.
The reason why it is impossible to make Altcoin Great Again is actually the crypto industry that holds high the theme of compliance is experiencing the severe pain of cutting through the fat that has grown in the wilderness of the past.
Wall Street’s Circle Game
Under the trend of US crypto compliance, the regular Wall Street troops, which were originally afraid to move, began to pour into cryptocurrencies, a “thunder pool” during the Biden administration, and at the same time inserted the colonial flag of financial hegemony on the chain.
From the player’s perspective, the game pattern composed of giant whales, retail investors, miners and currency circle institutions is gone forever.Retail investors who jokingly call themselves “Nasdaq and Dow Jones crypto traders” have really become rivals to professional hedge funds on Wall Street.
From an asset perspective, the VC system and the carefully designed low circulation and high market value gameplay are no longer feasible; the unregulated Meme coins also continue to lose blood after retail investors lose interest; DeFi does not seem to have become the first choice for institutions to pour in hot money.
In fact, when the wealthy Wall Street institutions enter the crypto market, the first step is to use capital to control the most “decentralized” Bitcoin in the factual sense and the highest consensus in the crypto industry, and to master the voice of the cryptocurrency industry, such as Grayscale’s Bitcoin ETF; the second step is to penetrate and spread the financial power they have already controlled into crypto, and attract native crypto investors to convert investment categories, such as stock tokenization and altcoin “microstrategy” companies; the third step is to issue new crypto-related assets that meet the original financial regulations, and to thoroughly grasp the pricing power of crypto assets, such as crypto company IPOs.
The Wall Street hot money that crypto natives originally hoped for did not foolishly pour into the “decentralized” track that had been occupied.In other words, people choose to play their own, not only that, they also use white money to force you to play their own.
If you can’t beat it, then join.
IPO trend is surging
On June 5, Circle was listed on the New York Stock Exchange, and its share price soared more than 160% on the first day, and has since soared to a high of $289.99, with a terrifying increase of 9.64 times according to the issue price of $31.During the same period, cryptocurrencies can only be said to have performed mediocrely.
Circle’s return on investment is the authentic flavor of the previous cryptocurrency copycat season.Zhuyu is ahead, and then a series of crypto-related companies broke out plans for IPOs in the second half of 2025, including Kraken, FalconX, Gemini, Bullish, local exchanges in the United States, as well as Fintech companies and asset management institutions, such as Bitgo, Grayscale, Figure, and even broke out that OKX went public in the United States.In addition to the lively US stocks, South Korean exchange Bithumb said it would implement a two-step strategy of South Korea’s Cosdaq and the U.S. Nasdaq, while Thai exchange Bitkub said it would list on the Thai Stock Exchange.
On July 30, U.S. exchange Kraken was rumored to be seeking to raise about $500 million in financing at a valuation of $15 billion, which once again stimulated the crypto industry.
Previously, Robinhood announced its entry into stock tokenization, and even launched equity in top unlisted companies such as OpenAI and SpaceX, officially opening up the imagination of Pre-IPO.As Kraken recently speculates its listing expectations, private equity trading platforms such as Forge happen to provide entry and exit channels for those who “want to sell” and those who “want to buy in advance”.
Generally speaking, investors can purchase equity in unlisted companies in two ways, the first is the P2P model and the second is the SPV model.Taking Kraken as an example, the P2P model is the platform that matches the holders and buyers of Kraken equity, and the trading platform will assist both to complete the KYC, due diligence and contract signing process.The SPV model trading platform sets up a special purpose entity (SPV) to collect buyer funds and purchase equity in the target company uniformly.
Currently, the price on the Forge platform is US$3.613, with a valuation of approximately US$10 billion. If Kraken can successfully go public at a valuation of US$15 billion, current entrants may receive more than 50% excess returns.
In short, crypto company IPO is like a coming-of-age ceremony in the crypto industry. After receiving the ceremony, it will be widely recognized by the world, but this also means that it will inevitably throw away the inappropriate things that were childhood.Yes, it’s all about those garbage projects that cannot calculate the price-to-earnings ratio and only know how to draw PPT.
