Kraken IPO, M&A deals to reignite crypto's 'mid-stage' cycle: fund manager
A fund manager believes Kraken's potential IPO and M&A activity could reignite the crypto bull market's mid-stage cycle by attracting TradFi capital.Summary
Dan Tapiero, founder and CEO of 50T Funds, asserts that the Bitcoin bull market is still in its "mid-stage," suggesting that Kraken's potential Initial Public Offering (IPO) next year and an increase in mergers and acquisitions (M&A) could attract fresh capital from traditional finance (TradFi) investors, providing necessary tailwinds.
This view contrasts with some analysts, such as Fidelity's Jurrien Timmer, who predicts a potential downside year for Bitcoin in 2026, possibly leading to a local bottom around $65,000.
However, others, like Jimmy Xue of Axis, argue that framing 2026 purely as a downside year might overlook fundamental drivers like loosening global liquidity, which could establish a higher low within a longer, secular super-cycle trend. Furthermore, data from Nansen shows that "smart money" traders have recently been net short on most top cryptocurrencies, indicating short-term bearish sentiment among sophisticated traders.
(Source：Cointelegraph)