$CRCL Today, following Circle’s rise in U.S. stocks, it’s up about 6.6%. Binance’s perpetual contract volume over the past 24 hours is close to $190 million. This is not a token; it’s a perpetual contract that tracks Circle’s stock, and its price action basically follows U.S. stocks.
This wave of funds is still buying stablecoin infrastructure. In the second quarter, Circle’s USDC circulation reached $73.3 billion, up 19% year over year. Its Arc mainnet is also planned to go live on September 16. What the market is trading now is no longer just “issuing USDC,” but whether Circle can build out the payment and settlement network.
For the short term, I won’t chase. The price is already near the day’s highs. About 70% of the Binance account positioning is net long, which indicates the long side isn’t exactly quiet. Next, we’ll first see whether U.S. stocks can hold above the ~$76 area. If it holds, and contract volumes keep expanding, only then will there be room for a second leg higher. If U.S. stocks pull back but the contracts remain at a premium, the first thing to get cut is often leveraged positions.
$CRCL #Circle #USDC
This wave of funds is still buying stablecoin infrastructure. In the second quarter, Circle’s USDC circulation reached $73.3 billion, up 19% year over year. Its Arc mainnet is also planned to go live on September 16. What the market is trading now is no longer just “issuing USDC,” but whether Circle can build out the payment and settlement network.
For the short term, I won’t chase. The price is already near the day’s highs. About 70% of the Binance account positioning is net long, which indicates the long side isn’t exactly quiet. Next, we’ll first see whether U.S. stocks can hold above the ~$76 area. If it holds, and contract volumes keep expanding, only then will there be room for a second leg higher. If U.S. stocks pull back but the contracts remain at a premium, the first thing to get cut is often leveraged positions.
$CRCL #Circle #USDC