GM20260226
1) Market Trends: BTC rebounded, altcoins rebounded.
US stocks rose, crypto stocks saw a short squeeze rebound.
2) Market Highlights:
1. US-listed CRCL surged 30%, with Q4 revenue increasing by 77% year-over-year. As of the end of 2025, USDC's circulating supply reached $75.3 billion, a significant year-over-year increase of 72%. Q4 on-chain transaction volume reached $11.9 trillion, a year-over-year increase of 247%. The yield on reserve assets remained around 3.8%, a stable level. With the Federal Reserve entering a rate-cutting cycle at the end of 2025, the market was concerned that this would impact Circle's interest income. However, Q4 data proved that the surge in usage completely offset the decline in interest income. Financial guidance indicates that "other income" is expected to jump to $150 million - $170 million in 2026, a large portion of which comes from blockchain partners (such as Canton Coin transaction revenue sharing) and Arc's ecosystem support. The company guides future revenue growth of 40%. 2. US stocks are experiencing a short squeeze rebound due to micro-strategies. Micro-strategies are the most shorted stocks in the US market, with short positions accounting for 10% of their market capitalization.
3. DeFi's UNI (Union Exchange Units) are rebounding, as Wall Street capital has recently invested in DeFi.