**[Matrixport: Crypto Funds Flowing Toward Mature IPO Companies, Pending Crypto IPOs Total $226 Billion]** Matrixport's daily chart analysis indicates that the current cryptocurrency cycle is fundamentally different from previous ones, with funds shifting from early-stage project bets to mature companies ready for IPOs. Altcoins, venture capital funds, and hedge funds have all underperformed Bitcoin, reinforcing a "winner-takes-all" dynamic—where the strongest players continue to capture market share. Retail investors largely remain on the sidelines, while institutional funds are increasingly flowing toward companies with access to public markets and scalable operational capabilities. On-chain data shows that the continuous selling by miners and early holders has nearly offset the inflows from ETFs and treasury funds. This has not only reduced market volatility but also weakened Bitcoin's appeal to risk-seeking investors. However, Wall Street has strong incentives to extend the bull market: the crypto sector's pending IPOs amount to a staggering $226 billion, with an estimated $30–45 billion in new funds expected to be raised. These IPOs are moderate in size, with relatively low float (low circulating shares), which could amplify price volatility and make stock allocations a potential profit opportunity.