Just saw the data on new IPOs (listings) in the U.S. from 2019 to 2025. Looking at the cycles, it's clear that the bear market (high interest rate) cycle has fewer IPOs compared to the bull market (low interest rate) cycle. Currently, the IPO numbers in 2025 are much lower compared to 2020 and 2021, and 2025 feels a lot like the early stages of 2019, which was the early phase of economic recovery. From this perspective, 2026 is definitely worth looking forward to. As long as the Fed can truly enter a phase of easing, the recovery of IPOs itself is a signal that the market perceives a lower risk of recession. The more IPOs there are, the easier it is for tech stock valuations to rise, and the crypto market will also see more liquidity. Bitget VIP, lower fees, crazier perks.