Circle plunged 20%, possibly a typical "misfire"!\nCircle fell sharply due to rumors about the "Clarity Act", but the core logic was misinterpreted by the market.\nKey points:\n• Regulatory restrictions are on the "distribution side", not the issuer\n• Circle's main profits come from USDC reserves invested in U.S. Treasury yield spreads\n• It does not directly pay interest to users\nIts approximately $80 billion reserves contribute billions of dollars in revenue each year, and its business model has not been shaken.\nThis round of decline is driven more by emotions and cognitive biases, rather than a deterioration in fundamentals.\nThe market mispriced in panic, and real capital often starts to position itself at such moments. #国际油价下跌 #特朗普称对伊战争已胜利 #特朗普缓和局势 #美国暂缓攻击伊朗发电站 #金价连续第十天下跌 $BTC $ETH $BNB