温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh_cn/52326.html
点击访问原文链接

BitMEX Alpha: Circle’s share price is built on quicksand | Bee Network

进入原网站 导航首页
BitMEX Alpha: Circle’s share price is built on quicksand | Bee Network Login 热门新闻 备忘录启动板 人工智能代理 德西 TopChainExplorer 给 Newbee 100 倍金币 蜜蜂游戏 重要网站 必备应用程序 加密货币名人 德平 新手必备 陷阱探测器 基本工具 高级网站 交流 NFT 工具 你好、, 签出 Web3 宇宙 游戏 DApp 蜂巢 成长平台 生态 搜索 英语 充值金币 登录 下载 Web3 大学 游戏 DApp 蜂巢 生态 家•分析•BitMEX Alpha: Circle’s share price is built on quicksand BitMEX Alpha: Circle’s share price is built on quicksand分析8个月前更新怀亚特 31,609 23 Although 2025 is hailed as the Year of Stablecoins, key legislation is expected to be successfully implemented, and Circles IPO has recorded an astonishing increase of more than 500%, upon closer inspection, Circles $200 stock price may be built on quicksand. This article focuses on three core challenges, from distribution difficulties, interest rate risks to intensified competition, to see why $CRCLs high valuation may not last long.

1. Distribution Dilemma: Limited Growth For stablecoins to become popular, channel distribution is crucial. However, Circle is in an awkward middle ground in this regard – it is neither an offshore 加密 giant like Tether, nor fully integrated into the traditional U.S. financial system.

市场 share As of now, USDC only accounts for 24% of the total stablecoin circulation, and there is no obvious trend of further expanding its share.

(Data source: DefiLlama)

USDC is not the “unit of account” in the crypto market Leading exchanges (such as Binance) generally quote and match transactions in USDT. USDT has a 67% market share due to its first-launch advantage and network effect; USDC only has 27%, and it is difficult to shake its position.

High Dependence on Coinbase Circle needs to give 50% of its net interest income to Coinbase in exchange for its distribution network, which severely compresses its profit margins. Once the cooperation between the two parties is weakened, Circle will face huge risks.

Difficulty penetrating non-US markets Boston-based Circle lacks deep connections with the Greater China and “Global South” markets, while Tether has been deeply rooted in these regions for many years and naturally has a distribution advantage.

Potential rivals are eyeing Social media giants (Meta, X, etc.) and traditional banks are developing their own stablecoin solutions; once implemented, Circle’s channel space will be further squeezed.

2. The interest rate pressure caused by the Fed’s rate cut Circles business model is extremely dependent on the interest income generated by USDC reserves.

Reserve interest is the lifeline

A 2024 Circle report showed that 99.1% ($1.661 billion) of the companys revenue came from interest on its reserves.

Highly sensitive to rate cuts

In the next two years, the Federal Reserve is widely expected to enter a rate cut cycle. Once short-term yields decline, Circles net interest margin (NIM) will be compressed and profitability will be greatly reduced.

Lack of diversified income

Currently, Circle has not established diversified business lines sufficient to hedge interest rate risks, and is particularly vulnerable to an interest rate cut environment.

3. Overvaluation: Can the high multiples be sustained? After the IPO, Circle’s valuation indicators have been staggeringly high:

Such an aggressive multiple means that the market has fully priced in high growth; against the backdrop of restricted distribution, pressured spreads and intensified competition, it is extremely difficult to achieve corresponding growth.

Data source: Artemis

Conclusion: Be cautious about high valuations Although Circles IPO was highly anticipated, its share price of $200 as of June 20, 2025, is likely to have overdrawn future expectations. The company is in a distribution dilemma, overly dependent on Coinbase, and absent from key markets; the potential interest rate cut by the Federal Reserve will hit its main source of income hard; against this backdrop, the market has given it an extremely high valuation multiple – the risk is further magnified.

For investors, it is important to fully evaluate the above concerns before intervening in CRCL, and maintain diversified asset allocation and a long-term perspective to cope with the drastic fluctuations in the encryption and fintech sectors.

This article is sourced from the internet: BitMEX Alpha: Circle’s share price is built on quicksand

Related: CryptoPunks changes ownership again, with RibbitCapital as the financial backer behind the scenes. Can it usher in new d Author: Zen, PANews The NFT pioneer CryptoPunks has officially changed hands again after being sold to Yuga Labs, the developer of BAYC. On the evening of May 13, CryptoPunks, an iconic work of NFT and crypto art, officially changed hands – a foundation called Infinite Node (NODE) acquired it from Yuga Labs. Although the terms of the transaction have not yet been disclosed, according to the media NFT Now citing multiple insiders, NODE paid about $20 million for the acquisition. Influenced by this news, the floor price of CryptoPunks also rose from 42 ETH to 47.5 ETH. CryptoPunks and their new “home” NODE CryptoPunks, the ancestor of NFTs, was launched by Larva Labs in 2017 and is widely regarded as a catalyst for the modern digital art movement. Larva Labs…

#分析# 加密# 定义# 交易所# 市场© 版权声明文章版权归作者所有，未经允许请勿转载。 上一篇 AI Agent Weekly Report | Cookie Snaps is newly listed on Openledger; the sector fell nearly 20% this week (June 16-June 下一篇 BitMart Market Weekly Report (June 16-June 22) 相关文章 Daily Planet｜Litecoin and other projects are customized as memes; Gary Gensler is sued by attorneys general of multiple 6086cf14eb90bc67ca4fc62b 65,608 98 Circle’s own Arc is about to launch its own cryptocurrency. Will retail investors be able to get a share of the profits? 6086cf14eb90bc67ca4fc62b 17,269 1 BTC.b vs wBTC: In-depth comparison of technical architecture and market landscape 6086cf14eb90bc67ca4fc62b 16,705 Onyxcoin (XCN) Tanks 22% as Traders Bet Against a Rebound 罗章明 42,082 1 Bitcoin 2026 Outlook: Macro Risks and Predictions, Market Sends Cautious Signals 6086cf14eb90bc67ca4fc62b 31,549 Who will own the most Bitcoin in 2025? 6086cf14eb90bc67ca4fc62b 23,341 无评论 您必须登录后才能发表评论！ 立即登录 没有评论... 最新文章 How to Systematically Track High-Win-Rate Addresses on Polymarket? 52 分钟前 16 CoinEx Research: Geopolitical Tensions Drive Up Oil and Gold Prices, Crypto Market Absorbs Liquidity Shock 52 分钟前 170 Low-Threshold Investment in SpaceX and ByteDance: MSX Partners with Republic to Usher in a New Era of Global Top Unicorn Investment 53 分钟前 131 Hold Bitcoin Mid-Term Short Positions, HYPE Successfully Rides the Wave for Profits | Guest Analysis 53 分钟前 216 Arthur Hayes: Middle East Flares Up, Time to Be Bullish on Bitcoin 53 分钟前 222 热门网站TempoLighterGAIB滑翔机普朗克雷尔斯BCPokerVooi Bee.com 全球最大的 Web3 门户网站 合作伙伴 硬币卡 Binance CoinMarketCap CoinGecko Coinlive 装甲 下载蜜蜂网络APP，开始web3之旅 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 下载蜜蜂网络 APP 并开始 web3 之旅 全球最大的 Web3 门户网站 合作伙伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 搜索 搜索InSite链上社会新闻 热门推荐： 空投猎人 数据分析 加密货币名人 陷阱探测器 简体中文 English 繁體中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 简体中文

智能索引记录