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$CRCL has previously had quite a few fundamental analyses, with market views becoming extreme. The earnings report is about to be released, so I won't repeat the fundamentals. Instead, let's analyze key positions from the options market: Since July, there have been obvious Call purchases on CRCL. In July, there were large buy orders: CRCL 70 Call with about $1.2 million, and active trading of 90 and 100 dollar Calls, but this batch of funds seems more like event-driven capital. Taking the August 7 expiration contract as an example: Implied volatility is about 110%. Expected price fluctuation is about ±$12. My psychological estimated fluctuation range: $50-$73. The market's bearish logic is that Circle is a stablecoin company that profits from US short-term debt interest. The earnings release is expected to first rise then fall. There is a large amount of Calls around $70, which partly explains the current rise, driven by market makers' hedging demand. The critical watershed is $70; if it breaks above $70 before the earnings release, it is seen as a strong market bet. If not, my expectation is a phase high. $COIN $XCRCL #CLARITY法案推进受阻，参议院分歧扩大