Up to now, Da Bing has taken advantage of Circle's strong financial report to launch a rare and effective rebound, reaching 684 on the 4-hour EMA100 and even surpassing the daily MA20. The next step is not too far from 694 on the daily EMA20 or even 729 on the 4-hour EMA200. In summary, this financial report may have brought the following benefits: 1. The unexpected expansion of scale and the double leap in profitability have counterattacked the hype in the cryptocurrency industry from a macro perspective, stopping the recent trend of "narrative inefficiency" that has been prevalent in the community due to the decline in cryptocurrency prices. 2. The capital market will switch the Circle valuation system from a "quasi monetary fund" to a "global value settlement network". Through the construction of Arc underlying blockchain, CCTP cross chain protocol and CPN payment network, Circle has built a closed-loop Internet native economy operating system. 3. Compared to Bitcoin, the reason for the rise is that Circle's financial report shows that USDC circulation increased by 72% year-on-year to $75.3 billion, and more importantly, the data shows that institutions and whales did not withdraw these funds from the cryptocurrency settlement system into fiat currency and withdraw them to traditional bank accounts after selling Bitcoin in large quantities. That means they may be on standby at any time to buy stocks. Their previous retreat may have been for a good year-end financial report or for macro hedging. But for whatever reason, once they realize the danger is eliminated or Bitcoin completes bottoming out (58-62). This massive amount of funds can be instantly poured out and transformed into a powerful buying force. Once the cryptocurrency market returns to the "twin turbocharging" mode of "internal massive stable coin storage" and "continuous external ETF investment", it will completely change the one-way stampede logic of Bitcoin's collapse. I cannot expect today's rebound to completely reverse the downward momentum of several months, but this is a very timely brake and may be a key link in the future major reversal. After all, the rebound brought about by the rise in Circle and Coinbase stock prices can be considered to some extent as an improvement in the fundamentals of the cryptocurrency circle itself, which is different from the ups and downs caused by simple fund fluctuations. Unlike the negative effects brought by external factors such as interest rate cut expectations, non farm payroll data, inflation data, war risks, tariff risks, etc., this is a tangible positive for the cryptocurrency world. The rebound brought by strong logic naturally makes people feel more at ease and more confident to hold on. Like M As STH reduces frequent turnover and gradually joins the LTH team, the emotions and structure may gradually come into place. I can't see how much this rebound can achieve for the time being. I hope Nvidia's financial report awesome can sweep away the haze of the money circle.