Citi's report may seem like a downgrade, but it actually reveals an interesting historical pattern. During the 2017 cycle, I saw many institutional investors panic and exit due to short-term volatility, only to buy back at higher prices by the end of 2020—at a heavy cost. The current story is somewhat different.

Citi downgraded Circle from $243 to the current $83, which is indeed a striking decline. But more noteworthy is that they haven't changed their stance; they've just adjusted expectations. This kind of persistence often indicates something—institutions are waiting for re-pricing rather than abandoning the sector. Ratings for Bullish and Coinbase remain unchanged, and MicroStrategy, although down from 485 to 325, still suggests a 100% upside potential. All these signals show Wall Street is telling us through actions: a bottom is forming in their view.

I've experienced the winter of 2018 and watched the crash of 2022. Every real institutional move is accompanied by retail panic and target price adjustments. The difference lies in the direction—whether it's outright bearishness or strategic adjustment. Citi's approach is clear: this is a re-accumulation after lowering prices.

The key is to recognize where we are in the cycle. When Wall Street both downgrades and maintains buy ratings, it often signals something from history.