Crypto Stocks Crash Across the Board — Circle Defies the Trend, Soars Nearly 10% to New All-Time High

TradingKey – While crypto-related stocks tumbled on Monday, Circle (CRCL) surged nearly 10%, hitting a new record high and raising questions about whether Cathie Wood’s ARK Invest will continue its aggressive sell-off.

In U.S. markets, crypto equities saw widespread losses:

- Bakkt (BKKT) plunged nearly 9%,

- Ebang International (EBON) and Hut 8 Mining  (HUT) dropped over 4%,

- Coinbase (COIN) and MicroStrategy (MSTR) also posted notable declines.

In contrast, Circle (CRCL) defied the downturn, spiking 25% intraday to nearly $300 before closing up 9.64% at $263, marking a fresh all-time high.

Circle 1-Hour Price Chart – Source: TradingView.

Since its IPO, Circle’s stock has climbed more than 330%, pushing its market cap to $60 billion — approaching the total market value of its stablecoin, USDC. The company isn’t slowing down either: it plans to launch a new USD stablecoin (FIUSD) in partnership with Fiserv, Paxos, and PayPal, expanding its ecosystem further.

Investor enthusiasm has been fueled by a wave of regulatory momentum:

- Institutions are applying for stablecoin licenses in Hong Kong,

- The U.S. Senate passed the GENIUS Act, and

- South Korea clarified its stablecoin issuance framework.

These developments have driven stablecoin-related stocks higher across U.S., Korean, Hong Kong, and even mainland Chinese markets, with Circle leading the charge. However, analysts warn that a price correction may be looming.

Notably, Cathie Wood’s ARK Invest has been actively trimming its Circle holdings. According to Ark Invest Daily, ARK sold over 410,000 shares on June 23, worth approximately $110 million — its largest single-day reduction to date. This follows:

- June 18: 300,000+ shares sold for $44.76 million

- June 17: 340,000+ shares sold for $51.7 million

In total, ARK has offloaded 1 million shares, but still holds around 3.5 million shares of Circle.