Bitcoin network takes a nap, but the capital market is waking up? CRCL surges past $120

Recently, the crypto market has shown an "counterintuitive" scene.
On-chain data indicates that Bitcoin network activity is decreasing. Trading volume is down, active addresses are fewer, and some analysts believe that short-term market momentum has weakened.
Meanwhile, crypto-related stocks in the US stock market are collectively rising, with CRCL breaking through $120, becoming the brightest star.
It's like a scene in a movie theater: the main character suddenly leaves the stage, while the supporting characters unexpectedly become the focus.
In fact, this phenomenon is not uncommon in financial markets.
On-chain data more reflects current usage, while the stock market focuses more on future profitability. When investors remain optimistic about the long-term prospects of an industry, capital continues to flow into related companies.
Many see CRCL's rise as an emotional indicator. Because stablecoins are a vital infrastructure of the crypto financial system, strong performance by related companies often signals market confidence in the industry's development.
To some extent, this also indicates that the crypto industry is gradually maturing. In the past, markets almost only paid attention to coin prices, but now capital is starting to focus on different roles within the supply chain.
Someone vividly summarized: "It used to be buying mining rigs, now it's buying mining farm owners."
Of course, the decline in on-chain activity cannot be completely ignored. It may mean that short-term speculative enthusiasm is cooling down, and the market is entering a relatively calm phase.
But for long-term investors, this phase can sometimes be healthy. Because sustained market trends are often driven not by emotion, but by fundamentals.
So now, the market is more like a brief gear shift: Bitcoin is adjusting its rhythm, while the capital market is accelerating ahead. #美股收盘加密概念股普涨