Title: Mixed Year for IPOs and Ethereum Staking: Crypto Market Roundup

EXCERPT: The crypto market experienced a rollercoaster year with significant developments in IPOs, Ethereum staking, and Bitcoin price. In this roundup, we discuss the underperformance of US IPOs, the clearing Ethereum validator exit queue, and the rallying stocks of Coinbase and XRP. CONTENT: The crypto market in 2025 was marked by a mixed bag of trends, with significant developments in initial public offerings (IPOs), Ethereum staking, and Bitcoin price. Let's explore these topics and gain insights into the current state of the crypto market. **IPOs underperformed US indices** Investors had a challenging year when it came to IPOs, with some of the biggest players in the crypto industry underperforming the market. While the S&P 500 index gained 16%, the average return for all US IPOs last year was a mere 13.9%. Crypto and AI-based IPOs were partly to blame for this underperformance. According to a Bloomberg report, Circle Internet Group's (CRCL) $1.05 billion IPO in June and Gemini (GEMI)'s September debut were among the crypto IPOs that underperformed. Despite strong initial performances, both companies' shares have since faltered, with Circle's currently down nearly 70% and Gemini's trading at around $11. **Ethereum staking gains momentum** Ethereum staking showed a noticeable shift in the last quarter of 2025, with the validator exit queue falling near zero for the first time since July. This trend could potentially reduce selling pressure and increase demand for Ether. According to data from Beaconcha.in, the current exit queue is just 32 Ether, with a wait time of around a minute, and the entry queue has hit its highest level since mid-November at 1.3 million ETH. This signals renewed interest in Ether staking. **Coinbase rallies on Goldman Sachs upgrade** Coinbase (COIN) experienced a positive turnaround in December when Goldman Sachs upgraded its stock rating from "neutral" to "buy." The upgrade came as a result of the bank's optimism about crypto infrastructure businesses like Coinbase. The firm raised its 12-month price target for COIN from $294 to $303 per share, leading to an 8% gain in Coinbase's stock price. Goldman Sachs highlighted the potential growth in infrastructure plays, tokenization, and prediction markets. **XRP sees bullish charts amid price gains** XRP, the third-largest cryptocurrency by market cap, started 2026 on a strong footing, with prices up about 18.5% in the first five days of the year. The gains were driven by bullish chart patterns and steady ETF inflows. Three bullish XRP charts to watch include a falling wedge breakout, a Wyckoff reaccumulation pattern, and a potential move towards the $3 resistance zone. **Crypto funds see $47B inflows in 2025** Despite falling short of the 2024 record, cryptocurrency investment products pulled in about $47 billion in inflows last year. Ether, XRP, and Solana were the standout performers, with substantial gains in ETP inflows. However, the remaining altcoins saw a decline in sentiment, with a 30% fall in inflows year-over-year. The US attracted the bulk of crypto fund inflows, holding $152.6 billion in AUM, while Germany and Canada also recorded notable recoveries. In conclusion, the crypto market in 2025 experienced a mixed bag of trends, with significant developments in IPOs, Ethereum staking, and Bitcoin price. As we move into 2026, it will be interesting to see how these trends unfold and how they impact the broader crypto ecosystem. Sources: 1. Bloomberg - ‘Mixed year for IPOs’ as crypto pulls down US IPO performance 2. Beaconcha.in - Ethereum staking sees tidal shift as validator exit queue clears out 3. Business Insider - Coinbase rallies 8% after Goldman Sachs upgrades stock to ‘buy’ 4. CoinTelegraph - Here’s what happened in crypto today 5. CoinDesk - Bitcoin price hits $94K as crypto volume dives to lowest since late 2023 6. CoinDesk - Three bullish XRP charts to watch as price gains over 18% in 2026 7. CoinShares - Crypto funds pulled $47B inflows in 2025, shy of 2024 record as altcoins led.