It's been a while since I've looked at #CRCL. After a wave of daily lines stopped falling, the rebound was limited, and then the price fell to a new low again. In terms of the industry, we are currently in a phase of killing valuations and digesting bubbles. After all, the bubbles brought by industry benefits have caused CRCL's stock price to shift from value to price. The current price drop seems more like a process of returning from price to value. How the market defines CRCL, or how the market recognizes the current stage of CRCL's stock price, will depend on when the price can maintain stable fluctuations and build a bottom. From a technical perspective, after the price opened at a new high, it retraced, rebounded, and then retraced again, resembling the three-wave continuation retracement I've often mentioned recently. The first wave retraced to around 170, the second wave rebounded to around 260, and the third wave made a new low. If we refer to this logic, a relatively stable bottom should gradually form soon. Of course, whether CRCL is a three-wave continuation retracement still needs more verification. If the price rebounds but does not break the previous high of 262, and continues to fall to break new lows, then it won't be a three-wave continuation retracement, and we may need to consider a five-wave bearish scenario. It also depends on the overall trend of the U.S. stock market. If the U.S. stock market continues to maintain high-level fluctuations, and AI and Crypto strongly empower the U.S. stock market to remain vibrant, it's not impossible for CRCL's three-wave continuation to break new highs. At this stage, more observation and verification are needed.