<ul data-eligibleForWebStory="false"><li>Circle's $24B IPO has sparked an Ethereum rally, but concerns are raised about the rally's sustainability and ETH's current trajectory.</li><li>Ethereum's recent price surge is attributed to leverage buildup and aggressive derivatives trading, rather than organic demand or protocol growth, according to 10x Research.</li><li>Circle's IPO has added to the bullish sentiment around Ethereum-based tokens due to USDC's role in DeFi. However, structural issues like regulatory uncertainty and weak usage growth still persist.</li><li>ETF inflows and SEC signals on DeFi oversight have caused temporary optimism, but questions remain about whether this marks a new bullish phase or sets the stage for a reversal.</li><li>10x Research suggests a shift towards selective, fundamental-based trading strategies amid rising leverage and headline-driven rallies.</li></ul>

Circle’s $24B IPO Sparks Ethereum Rally—But Cracks Are Forming

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