The Circle in the 2016 D-round was already worth 500 million yuan, and the context at that time should have been the FinTech wave between China and the United States (P2P is well-known in China), which achieved a relatively high valuation. Now with a market value of 50 billion yuan, even without the dilution and unlocking of shares, the investment institutions of that year did not actually outperform BTC during the same period. So hard!