Circle was 100% overvalued, a few people in one of my groups have been buying puts, so I decided to look at the chart. I believe we close this gap to the downside around 130$. The daily wedge is broken. Do remember, almost all of their revenue comes from issued bonds that are backed by the USDC. This caps their margins, since we only have about 60 Billion in USDC you can easily do the math, and this is before interest rates continue to drop, looks tremendously overvalued to me. Volume is dropping steadily.
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