Honestly, the market is somewhat fragmented. ICE, the parent company of the NYSE, has arguably seen a significant increase in valuations this time around. It invested in the prediction market Polymarket at a $9 billion valuation, and now plans to invest in the payment platform MoonPay at a $5 billion valuation. Many peers say fundraising has cooled down, but those companies in North America are still breaking valuation and fundraising records. Another perspective is that these companies that have recently made large-scale announcements seem more like they're aiming for an IPO than issuing their own tokens.