BTC Reclaims $72K, but Circle and Bullish Remind the Market That Crypto Stocks Still Trade on Fundamentals
BTC Reclaims $72K, but Circle and Bullish Remind the Market That Crypto Stocks Still Trade on Fundamentals Bitcoin pushed back above $72,000 on Thursday as improving risk sentiment lifted crypto and stocks, but the rebound did not carry over to every name tied to the sector. Circle fell about 10% to $85.10, while Bullish dropped roughly 6% to $36.12 even as bitcoin traded near $71,900 after topping $72,900 intraday. The split says something about where the market is getting more selective. Bitcoin’s move higher still works as the headline, especially when macro pressure eases and traders lean back into risk. But for crypto-linked equities, the story can change quickly once valuation, margins or earnings durability come into focus. Circle came under pressure after Compass Point cut the stock to Sell, arguing that USDC (CRYPTO: $USDC) growth is shifting toward lower-margin platforms and that profit expectations for 2026 and 2027 may still be too high. Bullish also lost ground after Rosenblatt moved to Neutral, pointing to valuation concerns as the exchange continued to trade at a premium to peers despite cooling crypto activity and fading revenue support tied to IPO proceeds. More From Cryptoprowl: That leaves Thursday’s action looking less like a broad crypto rally and more like a reminder that assets and equities are not always moving on the same logic. Bitcoin can benefit from improving macro tone and renewed risk appetite, while public crypto companies still have to clear a different bar around margins, estimates and valuation. Bitcoin (CRYPTO: $BTC) is trading at $71,912 U.S. per digital token. Circle Internet Group (NYSE: $CRCL) stock is sitting at $85.10 U.S. per share, while Bullish (NYSE: $BLSH) stock is trading at $36.12 U.S. per share.
