If this is bullish then god help us when something bearish happens!
Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!
Traditional investors will only care about the price today. Crypto prices are down so they have a lower valuation of the company - plain and simple. If they want to gamble with coins they can just buy them.
Investors will also be more than happy to pay 10 billion for Bitmain even in its current position, which is a ton of money, all things considered. It's just not the 16 billion that they believe their company is worth and they're willing to fight to prove to the world that they can grow regardless. I think that's the bullish part.
The bearish sentiment is obvious simply by opening coinmarketcap - but it's not an indicator of those investor's future expectations of crypto.