Consensys IPO suddenly hits the brakes! Even giants are afraid to go public, is there really no money in the crypto world?

Once loudly proclaiming "Web3 the future has arrived," Consensys suddenly pauses its IPO plans. Many people's first reaction: Uh-oh, even the big boss behind MetaMask is afraid to go public, does that mean the market is really cooling down?
Actually, it's not that simple.
First, suspending the IPO doesn't mean the company is failing. Wall Street's biggest fear isn't losses, but "valuations being sold cheaply." Although the market is lively now, institutions remain cautious about crypto company valuations. Simply put, Consensys doesn't want to sell itself at a low price.
Second, major institutions are waiting for a key factor—interest rate cuts.
If the Federal Reserve starts cutting rates, the valuations of tech stocks and crypto assets will re-expand. When they go public then, the scale of financing and stock prices might be on completely different levels. Going public now could easily turn into a "bloodbath listing."
There's also a more practical issue: regulation.
The US attitude toward the crypto industry has been fluctuating. Today, favorable policies; tomorrow, subpoenas. Large institutions' biggest anxiety now isn't making money, but uncertainty. No one wants to go public only to receive an SEC legal letter the next day.
What's more interesting is that, although IPOs are paused, on-chain capital activity hasn't stopped. Old players like a16z and Pantera are still scooping up quality projects. This shows they’re not bearish on the industry but are waiting for a better timing.
It's like a parking lot before a storm.
Cars are all there, but no one is in a rush to step on the gas.
The real danger often comes when capital frantically charges forward. But now, major institutions collectively watching suggests they’re waiting for the next big market signal.
The market is never short of money; what’s lacking is "certainty."
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