In March, the crypto market exhibited a clear pattern of structural divergence. In terms of price performance, the top 500 tokens by market cap recorded an average decline of 7.71%, while the 201–400 segment bucked the trend with gains of 3.6%–7.1%. At the individual level, ARIA led the market with a 394.12% increase, while within the top 100, TAO rose 67.93%, highlighting the strength of the AI sector. On the volume side, SIREN saw trading volume increase 6.64x alongside a 488.68% price surge, whereas NIGHT experienced a 73.22x spike in volume but declined 25.61%, indicating selling pressure and capital outflows. In terms of correlation, OKB showed a high correlation of 0.86 with the broader market, while ICP stood at 0.71, suggesting that market performance remains largely Beta-driven. Overall, March’s market was dominated by high-beta, small- and mid-cap assets.
Key Takeaways:
- In 2026, SpaceX, OpenAI, and Anthropic are driving an epic IPO wave with a combined valuation approaching $4 trillion, potentially reshaping global capital markets and the pricing logic of risk assets.
- SpaceX is targeting a valuation of $1.75–2 trillion and plans to raise approximately $75 billion, potentially surpassing Saudi Aramco to become the largest IPO in global history.
- In the short term, mega IPOs may create liquidity pressure on the crypto market through a “liquidity drain effect.” However, over the longer term, the release of massive new wealth could drive capital inflows into AI infrastructure, public blockchains, and DePIN-related crypto sectors.
- On-chain mechanisms such as RWA tokenization and SPV structures are breaking the barriers of traditional primary markets, allowing retail investors to gain low-threshold access to Pre-IPO investment opportunities in top-tier tech companies like SpaceX and OpenAI for the first time.
- Trading platforms such as Gate are accelerating the productization and liquidity infrastructure of Pre-IPO assets, enabling crypto exchanges to evolve beyond digital asset trading venues into new gateways connecting traditional capital markets with on-chain finance.
Discover more details today → Gate Research: In the Era of Mega IPOs, Can Pre-IPO Tokens Open the Door to Primary Markets for Retail Investors?
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
May 28, 2026
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