CRCL Falls to $85 Despite Record Q3; Bernstein Backs USDC 'Prime Network' Edge
Circle Internet Group (NYSE: CRCL) dropped to around $85 following short-term selling pressure, despite posting record third-quarter results and beating earnings estimates. Bernstein analysts argue the decline is more narrative-driven than fundamentals-driven, calling the move "a narrative battle against the bears" and stressing that core metrics and cash flows remain solid. Analysts also pointed to USDC's growing "Prime Network" advantage — a network effect tied to broad liquidity, institutional rails, and integrations that can strengthen adoption and resilience. The gap between market sentiment and company performance highlights potential buying opportunities but also underscores the broader macro and regulatory forces still shaping crypto valuations. Investors will be watching whether earnings momentum and USDC's network dynamics push sentiment back into alignment with fundamentals.