6th June 2025 > > Circle & US debt.

tl;dr

The Circle IPO was an unalloyed success. US debt threatens to spiral out of control.

Market Snap

Market Wrap

The public spat between Trump and Musk triggered long liquidations of over $300mm taking us to a daily low of $100.5k, raising the prospect that there might still be a chance to buy BTC for less than six figures, an opportunity that will one day be denied to all for ever more.

Spot BTC ETF flows turned negative again yesterday, increasing the probability for a (short) period of price weakness.

Occasional Series – Interregnum

Dancing in a field season is upon us once more, if not strictly the weather. The CCC will be out of action for a few days. See you on the other side.

Curious Cryptos’ Commentary – Circle Internet Group Inc. (Circle)

Yesterday, we talked about the IPO of Circle at a valuation just shy of $7bn. That equated to a price per share of $31. Well, it opened at $69 and peaked at $104, after trading was halted three times for regulatory reasons, suggesting a degree of appetite from investors rather underestimated by the placing advisors. Circle closed at $82, a significant premium to the IPO price.

You may remember the Coinbase listing which saw similar early price action, before selling off substantially. I am keen to pop some Circle into my online ISA, but I can be a patient man. I hope there will be better entry points in the days and weeks ahead. But be in no doubt – Circle will be integral to the crypto revolution. It would be odd to not think deeply about some exposure to Circle to add to your crypto portfolio:

Curious Cryptos’ Commentary – US debt

As Trump tries to get tax-cutting legislation on the books that will add several trillion dollars of debt to America’s current precarious position, two influential tech bros have taken note:

I am by no means a maxi – careful what you wish for, would be my caution. A collapse of the dollar as the world’s reserve currency will bring untold pain and misery for billions of people. But not for the wealthy of course, whose hard assets retain intrinsic value, no matter the metric they are measured in. And yes, that includes super yachts.