Circle released its earnings report yesterday, and while the results exceeded expectations, the stock price took a big hit. Apart from the increase in operating expenses and market concerns about future competition, the key reason is that the lock-up period for restricted shares after the IPO is about to end. According to the documents Circle submitted to the SEC, the lock-up period terms are 180 days after the IPO and the second trading day after the Q3 earnings disclosure. With the Q3 report released yesterday, it means Circle's IPO restricted shares will be unlocked tomorrow. We can patiently wait and see how much the stock price will drop after the unlock—by then, most of the future risks will likely be priced in. Looking ahead, here are the key points: 1. The stablecoin market itself is still growing rapidly, with more room for expansion compared to stockpile competition. Can Circle's issuance volume grow quickly? 2. Beyond on-chain applications, can the payment network's expansion and market share grow rapidly? 3. How will the development of their own Arc blockchain go? It may not necessarily drive significant economic benefits, but it’s a strong narrative support.