Woofun AI reports that Christian Lopez, head of blockchain and digital assets at Cohen & Company Capital Markets, stated the crypto IPO market has slowed due to investor rotation into other sectors and macro uncertainty suppressing risk appetite. While Circle and Bullish listings raised expectations for 2026, weakening market conditions and underperformance have dampened enthusiasm. Companies including Payward, Consensys, Ledger, and Grayscale have postponed plans, though Blockchain.com and FalconX continue advancing. Lopez expects the IPO window to reopen substantially next year, noting that regulatory clarity is no longer the primary obstacle, with capital access and business diversification becoming more critical.