IPO Wave Hits Bitcoin Dominance Hurdle
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The crypto exchange IPO wave, sparked by Circle and Bullish's blockbuster listings, aimed to signal industry maturity. However, Kaiko's research reveals a fundamental flaw: Bitcoin's dominance continues to dictate market conditions. Despite exchange efforts to diversify revenue and attract institutional capital, their fortunes remain tightly tied to Bitcoin's price action. This undermines the narrative of crypto's independence from its largest asset. Until exchanges can decouple from Bitcoin's volatility, the IPO wave may not fully convince Wall Street of the sector's stability.
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