Looking at $Circle(CRCL.US) is somewhat similar to the early stages of payment stocks in the past; everyone was speculating on the narrative first, then gradually returning to fundamentals. Its revenue structure relies heavily on interest income, making it highly sensitive to US Treasury yields. Currently, the market is simultaneously speculating on cryptocurrencies and betting on macroeconomic interest rate cuts; this contradiction is causing its price action to be particularly volatile. 🤯