I bought my first batch of CRCL at 84–85, sold it at 130, then bought back around 110 after the earnings sell-off, and recently accumulated even more between 80–90. My current average cost is around 100. Was this a good trade? Honestly, it was very poor. I ignored the fact that crypto stocks still move closely with BTC in the short term. While I was bearish on BTC, I kept believing CRCL was different (I even wrote posts at $80k BTC claiming we were seeing a阶段性 top). I overvalued CRCL’s narrative. But CRCL’s earnings, at least for now, remain strongly tied to crypto market conditions—RWA narrative hasn’t yet translated into tangible results (and likely won’t until the Clear Act passes). Right now, CRCL’s performance still lags far behind that of storage stocks. Although I’m confident this trade will ultimately turn out well, I’ve learned that speculative money chasing narratives in U.S. stocks is just as fragile as in crypto. Only fundamentals can drive sustained stock price growth. Next time, I’ll know better.