Svmuu News: In a post on X, 10x Research analyzed that the primary driver behind yesterday’s rise in Circle’s stock price was not the earnings report itself, but rather the market’s position structure—a structure more likely to trigger a high-probability short squeeze rather than a simple fundamental revaluation.It is reported that hedge funds had established large short positions prior to the earnings release. However, as Circle’s stock price surged in a single day, triggering a severe short squeeze, the hedge funds incurred losses of approximately $500 million in a single day.10x Research added that this round of intense volatility was not limited to Circle but also affected Coinbase and Bitcoin. Although Circle is a clear long candidate, the overall magnitude of the market movement was primarily driven by imbalances in the crypto market’s overall position structure. New market catalysts may be on the horizon, potentially reshaping the market narrative, after which market trading logic may return to fundamentals.