CRCL In the short term, it is significantly suppressed by emotions, due to the expected litigation caused by the Drift Protocol incident and market concerns about profitability. But the underlying data is not weak, with USDC issuance still on the rise and approaching the financial report window, the fundamentals and expectations are in a tug of war phase. In terms of trend, 49.9 → 136.64 belongs to the main uptrend, and currently it is more like digesting this uptrend; The rebound since 84.26 has been focused on technical repair, and there is still a need to make up for a similar level of correction in the future. Only after the structure is completed can we have the conditions to start a new round of market. The overall pace is relatively slow, and stage lows are more likely to gradually form over a longer period of time.