The Fed's policy is swinging, and risk assets are all waiting for a clear path. $CRCL daily close up 2.18%, but the order book action is more interesting than the price itself: OI piled up to 478,000, Funding Rate holding at 0.00007454, capital isn’t retreating, it's paying to squat.

The market is finding balance between traditional finance and on-chain assets; the RWA narrative hasn't faded, it's just taken a gentler accumulation approach. Funding is positive but the price rise is moderate, indicating that it’s not a chase higher, but rather a tentative build-up.

My judgment is straightforward.

Trade Tag: #TradFi #链上美股 #CRCL

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