🚨 Circle: From $31 to $298.99, then falling below $200, a roller coaster ride for cryptocurrency IPOs! Last night there was a 10% rebound, how can we go tonight? Market divergence is full. but you know what 👇 🔍 The annualized return on USDC reserves is only 2.77%, far lower than the 4.2% of US Treasury bonds during the same period. If the interest rate cut cycle is initiated, profits may come under pressure! 🤝 Circle needs to share USDC earnings with Coinbase - up to 61.5% will belong to CB in 2024! 📊 The current valuation is much higher than the industry in multiple dimensions: it is 1.8x, 3x, 11.5x of the median! 📉 Concerns about equity structure: Institutional shareholding is only 10%, while Coinbase's is as high as 30%! Is the price distorted or undervalued? What overlooked fundamental details are driving significant fluctuations? 📖 The in-depth research report has been released, delving into a lot of information that many people are not familiar with, and understanding the information in one article. Would you 'get on' or 'get off'?