According to @MilkRoadDaily, the recent wave of crypto-related Initial Public Offerings (IPOs) signals a significant shift in market dynamics, with Circle's (USDC issuer) offering being a standout event. Circle raised approximately $1.05 billion, with its market capitalization surging to $43.9 billion post-IPO, indicating massive institutional and retail demand. This follows successful offerings from eToro and Galaxy Digital. Analyst Aaron Brogan suggests three key theories for Circle's outperformance: a public market premium for crypto-related assets similar to MicroStrategy (MSTR), impending regulatory clarity for stablecoins via the GENIUS Act, and a favorable macro environment with rising Treasury yields boosting issuer revenue. However, Brogan also notes that Circle's valuation seems puzzling given Coinbase's contractual right to half of its reserve revenue. From a trading perspective, Bitcoin (BTC) is currently trading around $106,958, showing a slight 24-hour decline of 0.84%, while Ethereum (ETH) is trading at approximately $2,447, up 0.28%.