[Circle Stock's Biggest Bear 'Surrenders' and Upgrades Rating, But Still Warns of Roller-Coaster Price Movements Like Crypto] According to CoinDesk, January 30, 2026. Wall Street analyst and Circle stock's biggest bear, Ed Engel, has upgraded his rating from 'Sell' to 'Neutral,' but lowered his price target from $75 to $60, warning that the stock remains highly tied to the cryptocurrency market, with price movements resembling a 'roller coaster.' Engel pointed out that Circle's stock performance is increasingly synchronized with Ethereum and the broader crypto market cycles. Over 75% of the supply of its stablecoin, USDC, is used in high-risk activities on DeFi platforms or exchanges, resulting in a correlation of 0.66 between USDC and Ethereum prices. This trend is likely to persist until mid-2026. Therefore, despite being a 'stablecoin' issuer, Circle has essentially become a cyclical stock, and its current valuation remains high. Potential upside catalysts include the passage of the 'CLARITY Act' (which Engel estimates has a 60% probability) and the trend of tokenization of U.S. assets in DeFi, which could provide a clearer regulatory foundation for USDC's growth and reduce its reliance on overall crypto sentiment. Engel believes the company's revenue will remain closely tied to speculative activities in the short term, and it may take several years to truly decouple from crypto cycles.