Circle shares are up 90% over the past month, driven by a mix of macro positioning and technical factors. 🔹 On the macro side, higher oil prices could lift inflation, reduce the likelihood of Fed rate cuts, and keep yields elevated, directly benefits stablecoin issuers. As we outline in our article, Circle’s revenue model can be summarized as “Rate + Scale + Distribution Economics,” and a higher-rate environment strengthens the first component. 🔹 At the same time, heavy hedge fund short interest has likely contributed to a squeeze, amplifying the stock’s upward move. The current Short interest at 10% of float suggests a high-probability squeeze rather than a fundamental re-rating.(BloFin Research)