The recent public listing of stablecoin USDC issuer Circle has been all the buzz lately, particularly following its strong debut. But could the success have negative implications for Bitcoin?
A recent report from crypto market analyst 10x Research suggests Circle’s initial public offering (IPO) may not be as bullish for the broader crypto market as it appears. Instead, it might be a cautionary tale for Bitcoin (BTC).
The sentiment stems from historical parallels. Analysts are comparing Circle’s IPO to Coinbase’s public debut in 2021, which also recorded strong early success.
Is Circle’s IPO the Next Coinbase Moment—or a Signal to Sell Bitcoin?
Why this report matters
Crypto markets just witnessed another major milestone: Circle’s IPO.
The listing was met with feverish demand and a near 200% rally—but is that a bullish endorsement, or déjà vu of… pic.twitter.com/z6Qb3yfJSH
— 10x Research (@10x_Research) June 5, 2025
At the time, Coinbase was the first major crypto exchange to list on a U.S. stock exchange, with its stock jumping 52% from an opening price of $250 to $381. The shares went on to surge as high as $429 during intraday trading, before closing at $328.28.
The milestone, however, marked a local top for the market. Bitcoin’s price fell by 54% over the following three months before eventually staging a 130% rebound and the precedent has sparked speculation that a similar pattern could play out again.
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However, current market conditions differ significantly from those of four years ago, making it difficult to predict whether history will repeat itself.
In the meantime, Bitcoin’s performance has been largely steady, with the crypto giant holding above the $105,000 range. While gains have been modest since slipping from its all-time high of $111,000, the token trades at $107,630 at press time in an approximate 2% gain over the past 24 hours.
BTC’s 4-hour price chart, June 9, 2025 | Source: crypto.news
Despite the caution, other market watchers believe that any dip in BTC’s price would be short-term, noting that the token’s long-term momentum remains intact across higher time frames. A June 9 report by Matrixport also highlighted growing interest in crypto from public markets. While it is yet to fully translate into market action, the increased appetite signals a strengthening outlook for the broader asset class.
Read more: Circle stock price pump gains steam, but a crash may follow
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