According to Matrixport's daily icon analysis, Circle's latest valuation has reached $60 billion, almost the same as its total USD in circulation ($61.2 billion) and has remained stable over the past three months. By comparison, Coinbase's current market cap is $78.3 billion. The contrast between the two is sharp, reflecting that market attention is gradually shifting from diversified trading platforms to core encryption infrastructure companies such as stable coin issuers. Regardless of how the final valuation is settled, one trend has become increasingly clear: capital is accelerating towards infrastructure-based crypto companies. The recent IPO boom has once again confirmed the continued increase in institutional funds. We believe that this is also one of the factors supporting Bitcoin to remain strong this year, even if the short-term consolidation is not over.