Market activity moves beyond IPO enthusiasm as crypto and prediction markets gain momentum

Market conditions have been changing almost weekly, and it is unclear whether they represent a permanently different era. The period around Figma’s IPO was described as the “apex of animal spirits,” but conditions have since calmed. Aura’s IPO was delayed even as the broader market was described as strong.

Crypto is starting to climb out of a downturn and has had a positive moment in the past couple of weeks, while prediction markets have been “going gangbusters.” The assessment points to activity flaring in different corners of the market, rather than one settled, lasting trend.