Bitcoin Recovers to $120,000! Why Did the Stock Price of USDC Issuer (CRCL), Expected to Provide Stable Returns, Surge 16% in a Single Day?

The financial market in early October 2025 became a textbook case clearly demonstrating the "Bitcoin Beta" effect in the digital asset sector. The central argument of this report is the phenomenon where the Bitcoin (BTC) price functions as a major systemic risk factor, and its price movements drive the stock prices of the entire group of publicly traded digital asset-related companies.

In the market from October 2 to October 3, 2025, triggered by Bitcoin's surge to the $120,000 level, crypto-related stocks showed a strong rise across the entire sector. This rise was not uniform, and stocks with higher financial or operational leverage relative to the Bitcoin price tended to have their price movements amplified.

Of particular note among these is the stock price movement of Circle Internet Group (CRCL), the issuer of the stablecoin USDC. The company's main source of revenue is interest income earned from reserve assets, and it essentially has a stable business model. Nevertheless, the company's stock price recorded a staggering increase of $+16.04%$ in a single day. This seemingly contradictory movement suggests that the market is not evaluating CRCL solely based on its current profitability, but rather as a proxy indicator to measure the health and adoption of the entire on-chain economy. In other words, contrary to its stable core business, CRCL is recognized as a high-beta asset that reflects growth expectations for the crypto asset ecosystem.