𝗠𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗿𝗲𝗱 𝗳𝗹𝗮𝗴𝘀 𝗼𝗻 @𝗰𝗶𝗿𝗰𝗹𝗲

Been noticing this pattern... USDC keeps scaling, but the market is already pricing in a cycle turn while margin quality keeps thinning

The data says distribution partners are taking more of the upside, reserve yield is getting competed away, and that makes this setup dangerous if growth slows even a little

Verdict: risky here, avoid chasing; timing matters, and the lesson is simple when the cycle flips, weak economics get exposed fast