$Circle(CRCL.US)Circle has seen a sharp drawdown, and being in a loss is never comfortable, but the thesis hasn’t materially changed. The sell-off looks more like sentiment and valuation compression after an overheated phase rather than a fundamental breakdown. Stablecoin adoption, on-chain settlement, and regulatory clarity remain long-term tailwinds, even if near-term price action stays volatile. I’m treating this phase as patience being tested — managing risk, sizing properly, and allowing time for fundamentals to play out rather than reacting emotionally to short-term price noise.