[10x Research: Circle Soars Due to Short Squeeze, Market Trading Logic Expected to Return to Fundamentals] Odaily Planet Daily reports that 10x Research analyzed on the X platform, stating that the core driver of Circle's stock price surge yesterday was not the financial report data itself but rather the market's position structure. This structure is more likely to trigger a high-probability short-covering rally rather than a simple fundamental revaluation. It is reported that hedge funds had established large-scale short positions before the financial report was released. However, as Circle's stock price skyrocketed in a single day, it triggered a severe short squeeze, resulting in hedge funds losing approximately $500 million in a single day. 10x Research added that this round of extreme volatility not only affected Circle but also impacted Coinbase and Bitcoin. Although Circle is a clear bullish target, the magnitude of the overall market movement was primarily driven by the imbalance in the overall position structure of the crypto market. New market catalysts may soon emerge, potentially reshaping the market narrative, after which market trading logic is expected to return to fundamentals.